Deadline approaching for Private Company Council nominations

BY KEN TYSIAC

Less than two weeks remain to nominate candidates to serve on the new Private Company Council (PCC) that will identify and vote on differences in U.S. GAAP for private companies.

The Financial Accounting Foundation (FAF) board of trustees, which will oversee the PCC, is forming the new council and has set a June 30 deadline for nominations. PCC members will include individuals with experience in preparing, auditing, and using private company financial statements.

FAF is seeking nominations for PCC members and a chair for the council from users and preparers of private company financial statements, as well as CPA practitioners from national, regional, and local firms.

GAAP differences approved by the PCC will be subject to endorsement by FASB. The PCC is expected to meet at least five times a year, with additional meetings held when deemed necessary by the PCC chair. The council will have nine to 12 members, including a chair.

Nominees must complete a nomination form and submit a resume, CV, or biographical profile. Self-nominees must include the name and contact information for a reference. Instructions and the nomination form are available at FAF’s website.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.