Private Company Council (PCC)

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Private Company Decision-Making Framework

On December 23, 2013, the Board and the Private Company Council issued the Final Guide, Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies.

The primary purpose of this Guide is to assist the Board and the PCC in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, and transition guidance for private companies reporting under U.S. GAAP. This Guide provides considerations for the PCC and the Board in making user-relevance and cost-benefit evaluations for private companies under the existing conceptual framework. The Guide is intended to be a tool to help the Board and the PCC identify differential information needs of users of public company financial statements and users of private company financial statements and to identify opportunities to reduce the complexity and costs of preparing financial statements in accordance with U.S. GAAP.