The FASB and the American Institute of Certified Public Accountants (AICPA) recently embarked on a “major initiative” to improve the FASB’s standard-setting process by forming the Private Company Financial Reporting Committee.  “Specifically, the joint initiative sought constituent feedback on…whether the Board should consider differences in accounting standards for private companies within Generally Accepted Accounting Principles [GAAP],” says the Committee’s website, www.pcfr.org.   

More recently, according to the FASB’s Technical Plan, “the PCFRC’s primary objective is to provide recommendations to the [Board] based on agreed-upon criteria, primarily cost-benefit analyses, for specific differences in prospective and existing accounting standards for private companies.”  Last month, the PCFRC announced its 12-person membership, including its Chair, Judith O’Dell (O’Dell Valuation Consulting, LLC).  Next month, the Committee holds its inaugural meeting in Chicago, May 10-11, which is open to the public.  Contact Sharon Macey, smacey@aicpa.org.