AICPA/FAF/NASBA “Blue-Ribbon Panel” on Standard Setting for Private Companies
FASB Private Company Financial Reporting Committee
In 2006, the FASB established the Private Company Financial Reporting Committee (PCFRC) to further improve its current standard-setting process. The PCFRC represents all non-public business entities regardless of size. Its members focus on how standard-setting affects day-to-day technical activities and procedures from a cost/benefit perspective. The PCFRC sets its own agenda and makes specific technical recommendations for possible modifications for private companies on existing or developing FASB standards. The PCFRC members comprise users, preparers, and CPA practitioners. Sponsored by the FASB, the PCFRC receives additional administrative support from the American Institute of Certified Public Accountants. The PCFRC is being represented by its chair, Judith O’Dell.