What are the Needs of Private Company Financial Statement Users?

With the recent FAF Board of Trustees vote to establish the Private Company Council (PCC), the next step in this process of developing rules for private companies is for the PCC (together with the FASB) to develop a framework that will determine when it is justified to have GAAP exceptions and modifications for private companies.  With [...] Read more > >

FAF Board of Trustees Approves Private Company Council

A news release today announced that the FAF Board of Trustees has approved a Private Company Council (PCC) that will have two principal responsibilities.  First, they will determine whether exceptions or modifications to GAAP are necessary to meet private company financial statement users.  Second, the PCC will serve as the primary advisory body to the FASB [...] Read more > >