NEWS RELEASE 10/18/12

Newly Created Private Company Council to Hold Inaugural Public Meeting on December 6

Norwalk, CT, October 18, 2012—The Private Company Council (PCC), a new body created by the Board of Trustees of the Financial Accounting Foundation (FAF), will host its inaugural public meeting from 9:00 a.m. to 3:00 p.m. on Thursday, December 6, 2012, at the FAF offices in Norwalk, Connecticut. The PCC was established to work with the Financial Accounting Standards Board (FASB) to determine whether and when to modify U.S. Generally Accepted Accounting Principles (GAAP) for private companies.

Agenda items for the PCC meeting include:

  • Official transition from the Private Company Financial Reporting Committee, the FASB advisory-only body established in 2006
     
  • Discussion regarding the FASB’s private company decision-making framework Invitation to Comment, including sharing stakeholder feedback
     
  • A briefing from FASB staff on private company issues and projects, and
     
  • Preliminary discussion on current FASB projects and previously issued standards relevant to private companies. 
“The ten members of the PCC are eager to begin addressing the critical issues facing users, preparers, and auditors of private company financial statements,” said PCC Chairman Billy M. Atkinson. “Our success will be based on collaboration and mutual respect for and between the PCC and the FASB, which I am confident we will achieve, and our ability to obtain meaningful feedback on all issues from private company stakeholders.”

The inaugural PCC meeting will be webcast live at www.accountingfoundation.org. Those interested in observing the meeting in person must reserve a seat in advance, as seating is limited. The meeting agenda will be posted in advance on the FAF website.

For more information on the PCC, please visit the FAF website or read the Establishment of the Private Company Council Final Report.


About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.