Private Company Council issues annual report

An annual report issued Monday by the Private Company Council highlights its 2025 accomplishments and activities.

The PCC, established in 2012 to work with FASB to improve the process of setting accounting standards for private companies that follow GAAP, issued an annual report for the first time last year. The addition of an annual report followed a review by the Financial Accounting Foundation — which oversees FASB and the PCC — that applauded the PCC’s work through the years while recommending that it ramp up communication efforts.

The PCC’s annual report includes sections on stakeholder engagement, a look at the council’s agenda priorities, and its forward-looking strategy.

“The PCC made important progress toward our primary strategic priorities in 2025,” PCC Chair Jere Shawver said in a news release.

The annual report highlighted several completed or active projects from 2025, including a final accounting standards update on measurement of credit losses.

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