Earlier today, the Financial Accounting Foundation (which oversees the FASB) voted to establish a Private Company Council (PCC) - a modified version of its earlier proposal to form a Private Co Standards Improvements Council. The PCC will serve as the principal advisor to FASB on private company standard setting matters and in analyzing when exceptions to GAAP are warranted to benefit users of private company financial statements. Read more about the PCC here.
FAF Votes To Create Private Co Council
May 23rd 2012