Last week the board of trustees of the Financial Accounting Foundation (FAF) issued its Final Report on Establishment of the Private Company Council. “After seeking and considering public comment,” says the executive summary, the FAF “will establish a new body to improve the process of setting accounting standards for private companies. The new group, the Private Company Council (PCC), will be overseen by the trustees and will replace the existing Private Company Financial Reporting Committee, following an appropriate transition period.”

Last Friday, the FAF issued a call for nominations to the new PCC. Along with “a strong appreciation for the importance of independent standard setting for financial accounting and reporting,” the FAF is seeking applications from “CPA practitioners from national, regional, and local firms.” More information is available at its website.