Private Company Council

FASB Issues Update for Private Companies on Consolidation of Variable Interest Entities

Norwalk, CT, March 20, 2014—The Financial Accounting Standards Board (FASB) today issued guidance intended to improve private company financial reporting regarding consolidation of lessors in certain common control leasing arrangements....

News Release | ASU 2014-07 | FASB In Focus | Video

FASB Endorses VIE Alternative

Norwalk, CT, February 19, 2014—The FASB today endorsed an accounting alternative within U.S. GAAP proposed by the PCC that would provide private companies an alternative not to apply Variable Interest Entity guidance for common control leasing arrangements when certain conditions are met. The FASB expects to issue the final standard in late March. The alternative would be available for early adoption for any financial statements that have not yet been made available for issuance.

Private Company Council Media Meeting Recap

Norwalk, CT, January 28, 2014—The Private Company Council (PCC) met on Tuesday, January 28, 2104. Below is a brief summary of issues addressed by the PCC at the meeting, categorized by project.

Media Meeting Recap

FASB and PCC to Host Private Company Town Hall at The University of Washington

Norwalk, CT, January 21, 2014—The Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) will host their second Private Company Town Hall Meeting taking place on May 8, 2014, at the University of Washington in Seattle, Washington....

News Release

FASB Issues Two Updates for Private Companies on Accounting for Goodwill, Interest Rate Swaps

Norwalk, CT, January 16, 2014—The Financial Accounting Standards Board (FASB) today issued two updates to U.S. generally accepted accounting principles (GAAP) that provide alternatives for private companies...

News Release | ASU 2014-02 | ASU 2014-03 |
FASB In Focus | Video


FASB and PCC Issue Private Company Framework; FASB Issues Definition of Public Business Entity

Norwalk, CT, December 23, 2013—The Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) today issued...

News Release | Final Guide | ASU 2013-12 |
FASB In Focus | Video


Private Company Council Media Meeting Recap

Norwalk, CT, November 12, 2013—The Private Company Council (PCC) met on Tuesday, November 12, 2013. Below is a brief summary of issues addressed by the PCC at the meeting, categorized by project.

Media Meeting Recap

 


PCC Finalizes Two Private Company Standards; Sends to FASB for Endorsement

Norwalk, CT, October 1, 2013—The Private Company Council (PCC) today voted to finalize two alternatives within U.S. Generally Accepted Accounting Principles (GAAP) for accounting for interest rate swaps and, separately, accounting for goodwill in a business combination for private companies....

News Release

FASB Issues Private Company Council Proposal on Consolidation of Variable Interest Entities

Norwalk, CT, August 22, 2013—The Financial Accounting Standards Board (FASB) today issued for public comment a proposal outlining an alternative within U.S. Generally...

News Release
Exposure Document
FASB In Focus
Podcast

PCC Proposes Changes to Consolidation of Variable Interest Entities

Norwalk, CT, July 16, 2013—The Private Company Council (PCC) today voted to expose a proposed alternative within U.S. Generally Accepted Accounting Principles (GAAP) for applying consolidation guidance for leasing entities under common control....

News Release

FASB Issues Three Private Company Council Proposals

Norwalk, CT, July 1, 2013—The Financial Accounting Standards Board (FASB) today issued for public comment three proposals that address private company stakeholder concerns raised about the relevance and complexity of three aspects of...

News Release
Podcast

FASB Indefinitely Defers Certain Disclosures for Nonpublic Employee Benefit Plans

Norwalk, CT, June 12, 2013—The Financial Accounting Standards Board (FASB) today voted to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic equity securities.

News Release

FASB Endorses Three Private Company Council Proposals

Norwalk, CT, June 10, 2013—The Financial Accounting Standards Board (FASB) today voted to endorse three alternatives within U.S. Generally Accepted Accounting Principles (GAAP) proposed by the Private Company Council (PCC) to address concerns raised about the relevance and complexity of certain aspects of GAAP for private company stakeholders.

News Release

Comment Letters

Submit a comment letter to comments@privatecompanycouncil.org on any of the Private Company Council’s (PCC) agenda projects. Send us an email to provide input on issues that affect you as a private company stakeholder.

Background and Overview

In May 2012, the Financial Accounting Foundation’s Board of Trustees approved the establishment of the Private Company Council (PCC). Read the final report, which contains the PCC’s responsibilities, PCC’s operating procedures and background information leading up to the establishment of the PCC.
  • March 20, 2014 FASB Issues Update for Private Companies on Consolidation of Variable Interest Entities
  • February 19, 2014 FASB Endorses VIE Alternative
  • January 28, 2014 Private Company Council Media Meeting Recap
  • January 21, 2014 FASB and PCC to Host Private Company Town Hall at The University of Washington
  • January 16, 2014 FASB Issues Two Updates for Private Companies on Accounting for Goodwill, Interest Rate Swaps
  • December 23, 2013 FASB and PCC Issue Private Company Framework; FASB Issues Definition of Public Business Entity
  • November 12, 2013 Private Company Council Media Meeting Recap
  • October 1, 2013 PCC Finalizes Two Private Company Standards; Sends to FASB for Endorsement
  • August 22, 2013 FASB Issues Private Company Council Proposal on Consolidation of Variable Interest Entities
  • July 16, 2013 PCC Proposes Changes to Consolidation of Variable Interest Entities
  • July 1, 2013 FASB Issues Three Private Company Council Proposals
  • June 12, 2013 FASB Indefinitely Defers Certain Disclosures for Nonpublic Employee Benefit Plans
  • June 10, 2013 FASB Endorses Three Private Company Council Proposals
  • Comment Letters Comment on Private Company Council’s (PCC) agenda projects.
  • Background and Overview About PCC's formation and purpose.

PROJECTS

A detailed listing of all current PCC agenda projects, agenda research projects, and the PCC’s work with the FASB on its current projects that affect private company stakeholders.
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Private Companies & Not for Profits

A summary of the FASB’s activities that the staff views to be particularly relevant for nonpublic entity constituents, including: FASB Agenda Projects Focusing on Nonpublic Entity Issues, Nonpublic Entity Decisions in Other FASB Agenda Projects, and Meetings and Other Outreach Activities.
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MEETINGS

The PCC meetings will be video-webcast live. Those interested in observing the meeting in person must reserve a seat in advance, as seating is limited. The meeting agenda will be posted in advance.

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FEEDBACK AND INQUIRIES

Email Us with your input on issues that affect you as a private company stakeholder.

Read comment letters submitted on the April 15, 2013 Invitation to Comment: Private Company Decision Making Framework.

NEWS & MEDIA

For the latest news and announcements on PCC activities.


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ABOUT THE PCC

  • Responsibilities
  • Operating procedures
  • Council members
  • History
  • How PCC and FASB work together


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