Private Company Financial Reporting Committee (PCFRC)

The Financial Accounting Standards Board (FASB) embarked on a major initiative to further improve the FASB’s current standard-setting process. Under the initiative, the Private Company Financial Reporting Committee (PCFRC) was formed in June 2006 and held its first meeting in April, 2007. 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 consists of 12 members plus a chair. The 12 members comprise four users, four preparers, and four CPA practitioners. Sponsored by the FASB, the PCFRC receives additional administrative support from the American Institute of Certified Public Accountants. 

The PCFRC met in Norwalk, CT November 17-18, 2011. At the November 17th session the PCFRC met with FASB staff. The staff provided updates on various projects including the following:

  • Private company decision-making framework
  • Revenue recognition
  • Accounting for long-lived intangibles
  • Going concern
  • Investment property entities
  • Investment companies
  • Lease accounting
  • Consolidations
On November 18th the PCFRC met with Terri Polley to discuss the FAF’s Plan to Establish the Private Company Standards Improvement Council. They later met with the Board to provide input about private company views on various topics including the following:

  • Private company decision-making framework
  • Related party leases
  • Investment property entities
  • Going concern
  • Revenue recognition
  • Long-lived intangibles
  • Consolidations.

Details on the liaison session with the Board.

Additional Information

If you would like more information about the PCFRC, please email, call, or write:

Paul H. Glotzer,
Project Manager, Private Company Financial Reporting
Financial Accounting Standards Board
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116

Telephone: (203) 956-5212
FAX: (203) 849-9714
Email: phglotzer@fasb.org
 

Additional Details