We posted an article this morning about the Financial Accounting Foundation issuing a request for comment seeking stakeholder input as part of a three-year assessment of the Private Company Council's effectiveness, accomplishments, and future role in private company standard-setting. The collaboration between the PCC and the FASB has resulted in four updates to accounting standards. The financial reporting community has until May 11 to email comments to the FAF regarding the performance of the PCC.
So, do you believe the PCC has helped improve the process of setting accounting standards for private companies? Do you also think the PCC has done a good job serving as the primary advisory body to the FASB on private company accounting issues? Is your firm going to email comments to the PCC?