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FAF completes review of PCC

  • FAF (US Financial Accounting Foundation)  Image
  • PCC (Private Company Council) (mid blue) Image

Nov 18, 2015

The FAF has released (1) a final report that marks the completion of its three-year assessment of the Private Company Council (PCC) and (2) a document outlining the revisions being made to the PCC’s responsibilities and operating procedures (which will become effective on January 1, 2016).

The primary focus of the amendments is on how the PCC provides the FASB with “private company perspectives on the FASB’s active agenda projects, and on how the PCC communicates those perspectives to its stakeholders.” Specifically, the amendments would:

  • Enable the PCC to continue to propose private-company alternatives.
  • Make the PCC’s advisory role more effective.
  • Create a technical agenda consultation group that discusses “whether it is more efficient and effective for the PCC or the FASB to take the lead on a potential project and add the project to its technical agenda.”
  • Allow the council to retain its current size and composition.
  • Transition the PCC’s oversight responsibilities from the Private Company Review Committee to the Standard-Setting Process Oversight Committee.

For more in­for­ma­tion, see the press release, review report, and updated PCC responsibilities and operating procedures on the FAF’s Web site.

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