Private Company Council issues annual report for the first time

The Private Company Council (PCC), established in 2012 to work with FASB to improve the process of setting accounting standards for private companies that follow GAAP, has issued its first annual report.

The report, which came about at the recommendation of a review that confirmed the PCC’s effectiveness last year, highlights key areas of progress in 2024. Accomplishments include a list of projects on which the PCC advised FASB, as well as the PCC’s role in a proposed Accounting Standards Update addressing private company challenges related to the measurement of credit losses for accounts receivable.

The initial annual report also looks back on accomplishments and forward to the PCC’s strategy.

FASB Chair Richard R. Jones thanked PCC Chair Jere Shawver in a news release:

“The FASB appreciates the PCC’s contributions under Jere’s leadership in advising the FASB and their ongoing collaboration with the private company community. The report highlights many of those activities.”

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