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

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.