AICPA applauds the Private Company Council’s work with FASB

An AICPA comment letter in response to a Financial Accounting Federation (FAF) project assessing its Private Company Council states that the PCC’s efforts continue to be “extremely well received” by stakeholders.

FAF established the PCC in 2012 to work with FASB to help improve the process of setting accounting standards for private companies that follow GAAP. The FAF Board of Trustees is assessing the PCC to ensure that it’s still meeting that objective.

“We continue to applaud the spirit, commitment, and dedication demonstrated by the FAF, the FASB board, the PCC, and the FASB staff,” stated the comment letter, signed by Sue Coffey, CPA, CGMA, AICPA & CIMA’s CEO–Public Accounting. “Regardless of how many constituents take the time to write a letter to FAF, we can assure the FAF, based on our vast contacts with private companies and their public accounting firms, that the FASB/PCC output has been extremely well received and appreciated, and these same constituents look forward to continued momentum identifying and implementing useful, common-sense changes and solutions to current and prospective GAAP.”

The letter went on to commend the PCC’s “high level of engagement and the serious attempts to expand the outreach beyond what it currently does” and said the PCC’s current composition is “balanced and appropriate.”

FAF accepted public comments from March through May.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.