Accounting & Auditing

FASB Private Company Council meets next week, seeks new members

The Financial Accounting Standards Board's Private Company Council, charged with advising the accounting standard-setter on accounting treatment for private companies, is slated to meet with the FASB next week on a variety of issues.

In related news, the Financial Accounting Foundation, which oversees the FASB, recently issued a call for nominations to fill three seats on the PCC, for a term beginning Jan. 1, 2017.

April 12 meeting agenda
As announced by the FASB, the agenda for the PCC's April 12 meeting includes six topics:

  1. The FASB's project on Disclosures by Business Entities about Government Assistance
  2. The FASB's project on Nonemployee Share-Based Payment Accounting Improvements
  3. EITF Issue No. 16-A, "Restricted Cash"
  4. PCC Issue 15-02, "Applying Variable Interest Entity Guidance to Entities under Common Control"
  5. The FASB's project on Improving the Equity Method of Accounting
  6. The FASB's projects on Disclosure Framework: Disclosure Review-Income Taxes, Inventory, Defined Benefit Plans, and Fair Value. 

The PCC meeting with the FASB board will be webcast at

Nominations sought for PCC
In related news, the FAF recently released a request for nominations to fill three seats for PCC members for terms beginning Jan. 1, 2017. As noted in the announcement, the FAF is seeking:

  • one CPA practitioner,
  • one financial statement preparer, and
  • one financial statement user (i.e., users of private company financial statements, including lenders and / or equity investors).

The MACPA was actively involved in studying and providing feedback on private company financial reporting issues to the FAF when the PCC was formed, and encourages its members to consider nominating a fellow MACPA member or themselves, if qualified. The requirements are described in the FAF's announcement, and the deadline is April 30. MACPA members with questions about the PCC or other advocacy issues can contact our main number, (800) 782-2036.