FASB began a broad-based effort to consider private company
"alternatives" within existing GAAP and in-process standards following a Blue Ribbon Panel Report on private company
reporting in 2010, and the ensuing formation of FASB's Private Company
Council (PCC) in 2012.
To address the distinct needs of private companies, the Financial Accounting Foundation Board of Trustees created the Private Company
Council (PCC) in May 2012 to promulgate new standards and improve existing accounting standards for U.
What best practices can be shared between public and private company
boards, especially regarding conflict of interest rules, disclosure, committee responsibilities, meetings without the chairman present, and so on?
The Private Company
Council (PCC) will hold its first public meeting on December 6, 2012, at the offices of the Financial Accounting Foundation (FAF) in Norwalk, Conn.
Although GAAP is generally viewed as the gold standard for financial reporting, private company
managers view GAAP as unnecessarily complex and lacking relevance to external users who assess ongoing cash flows in making investment decisions.
The AICPA has expressed profound disappointment with a Financial Accounting Foundation (FAF) proposal on private company
accounting standard setting and is urging CPAs and others to weigh in on the debate.
What was the Blue Ribbon Panel on Private Company
A private company
is thought to be a much safer organization without the risk of stock drops and shareholder litigation.
Finally, the Institute also has been involved in a major initiative with the Financial Accounting Standards Board on private company
One example, notes Crystal, is Continental Grain, which despite being the world's largest private company
, remains tightly held by its nonexecutive owners.
City officials on Tuesday began exploring the possibility of hiring a private company
to handle nonemergency police calls so more uniformed officers could be put on the streets.
The paper, Private Company
Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies, contains initial FASB staff recommendations for criteria to determine whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.