Private Company Financial Reporting Overview

On May 23, 2012, the Financial Accounting Foundation announced its decision to make process and structural improvements in private company financial reporting by creating a new Private Company Council. The chairman and members of the PCC were named on September 19. December 6 marked the group's inaugural meeting. The AICPA and other stakeholders now eagerly await the appropriate substantive changes in GAAP the PCC is charged with producing to reflect the private company environment.