Update: CPC-s Committee Working on FAF Comment Letter
The CPC-s Committee is currently working on the FAF Comment Letter. The FAF's board of trustees issued a proposal that requests comment on its plan to create a council that would work toward improving private-company standard setting. The proposed council, the Private Company Standards Improvement Council (PCSIC), would establish criteria for determining whether exceptions or modifications to U.S. GAAP are necessary for private companies. On the basis of those criteria, the PCSIC would identify, deliberate, and vote on modifications or exceptions to existing U.S. GAAP that would affect private companies. All proposed changes would be subject to FASB ratification and open to public comment. The committee is planning to file the comment letter Friday, Jan. 13.