Private Company Council Holds Initial Meeting
On December 6, 2012, the Private Company Council (PCC), a new body created to improve the standard-setting process for private companies, held its inaugural meeting in Norwalk, Connecticut.
The PCC was established in May 2012 by the Board of Trustees of the
Financial Accounting Foundation (FAF) to work with the Financial
Accounting Standards Board (FASB) to determine the need for
modifications of U.S. Generally Accepted Accounting Principles (GAAP)
for private companies.