NEWS RELEASE 05/30/12

Financial Accounting Foundation Issues Final Report on Private Company Council

Norwalk, CT, May 30, 2012—The Financial Accounting Foundation (FAF) today issued its final report on the Establishment of the Private Company Council (PCC), a new body to improve the process of setting accounting standards for private companies. The final report follows the vote on May 23, 2012, by the FAF Trustees to establish the PCC. The report is now available at the FAF website.

The PCC report contains an executive summary and sections devoted to the following topics:

• Background and key events for standard setting for private companies
   
• Key discussion issues considered by the FAF Trustees
   
• Responsibilities and operating procedures of the PCC. 

The report also contains summaries of the comment letters received on the original October 2011 proposal to create the Council, as well as summaries of FAF private company roundtables held from January through March 2012 in Atlanta, Georgia; Fort Worth, Texas; Palo Alto, California; and Boston, Massachusetts.

The FAF Board of Trustees will issue a call for nominations for the PCC chair and members via the FAF website on June 1, 2012. For more information, visit www.accountingfoundation.org.


About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.