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Journal entry — FAF introduces plan to establish private company standards improvement council

Published on: Oct 04, 2011

Today, the Board of Trustees of the Financial Accounting Foundation (FAF) issued a proposal to create a council that would work toward improving the accounting standard-setting process for private companies. The proposed council, the Private Company Standards Improvement Council (PCSIC), would establish criteria for determining whether exceptions or modifications to U.S. GAAP would be necessary for private companies. On the basis of those criteria, the PCSIC would review existing GAAP and identify standards that could potentially be burdensome and that might require reconsideration for private companies. The PCSIC would then deliberate, propose modifications or exceptions, and vote on any changes that would affect existing GAAP. All proposed changes would be subject to FASB ratification and open to public comment.

Comments on the proposal are due to the Board of Trustees by January 14, 2012.

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