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May 30, 2012

FAF details role of new private companies’ council

The Financial Accounting Foundation (FAF) has issued its final report on the establishment of the Private Company Council (PCC), which aims to set accounting standards for private companies.

The new organisation will replace the Private Company Financial Reporting Committee, following a FAF trustees vote on the creation of the PCC on 23 May.

The report contains details of the new structure and focuses on: background and key events for standard setting for private companies; key discussion issues considered by the FAF Trustees; and responsibilities and operating procedures of the PCC. 

The FAF Board of Trustees will call for nominations for the PCC chair and members starting 1 June.


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