NCACPA’s Accounting & Attestation (A&A) Resource Group recently submitted a comment letter stressing the important role that the Private Company Council (PCC) plays in standard setting.
Since 2012, the PCC has advised the Financial Accounting Standards Board (FASB) on standard setting for private companies. The Financial Accounting Foundation (FAF) is assessing the PCC to ensure it is still meeting the needs of private company stakeholders and issued a request for public input earlier this year.
The A&A Resource Group applauded the PCC for identifying and evaluating areas of GAAP in which private companies would benefit from differential standards for financial reporting. The group recommended that FASB create positions on the PCC designated for professionals who work in small to medium-sized firms that work with smaller businesses.
NCACPA created a survey earlier this year to solicit input from members about the PCC. The group extends its gratitude to everyone who responded to the poll.
Feedback from NCACPA and other organizations is available on the comment letters page on the FAF website.
If you have questions about this issue or other policy matters, please contact NCACPA Director of Advocacy Robert Broome, CAE.