Private Company Council (PCC)
History of Establishing the PCC
Background and history of the events leading up to the creation of the PCC, including the final plan, comment letters, public roundtables, and the initial FAF plan to create a private company standards council.
Financial Accounting Foundation Board of Trustees Establishes Private Company Council (PCC)
On Wednesday, May 23, 2012, the Financial Accounting Foundation’s Board of Trustees approved the establishment of the Private Company Council (PCC), a new body to improve the process of setting accounting standards for private companies. The final plan was issued (and announced via press release) on Tuesday, May 30, 2012.
Read the Summary of Comment Letters, or read through the comment letters received on the Plan to Establish the Private Company Standards Improvement Council.
The FAF held four public roundtables to listen to stakeholder feedback on the Plan to Establish the Private Company Standards Improvement Council.
January 18, 2012—Atlanta, GA
The FAF issues the Plan to Establish the Private Company Standards Improvement Council in October 2011.
Read the Plan to Establish the Private Company Standards Improvement Council (October 4, 2011
Read the Press Release—Financial Accounting Foundation Seeks Comments on Plan to Improve Standard Setting for Private Companies (October 4, 2011)
Download the Podcast—Interview with FAF President and CEO Terri Polley, featuring opening remarks from Jack Brennan, Chairman of the Board of the FAF Trustees
The AICPA issues Blue-Ribbon” Panel Report in January 2011
In December 2009, the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF), the parent organization of the Financial Accounting Standards Board (FASB), and the National Association of State Boards of Accountancy (NASBA) established a “blue-ribbon” panel (the Panel or BRP) to address how accounting standards can best meet the needs of users of U.S. private company financial statements.
The Panel was charged with providing recommendations on the future of standard setting for private companies to the FAF Board of Trustees (the Trustees). This report represents the culmination of the Panel’s work and includes its members’ recommendations to the FAF Trustees.