Private Company Financial Reporting Committee Activities

July 21, 2010

The Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) have embarked on a major initiative to further improve the FASB’s current standard-setting process to consider the needs of private companies and their constituents of financial reporting.

Part of that initiative involves the Private Company Financial Reporting Committee (PCFRC) whose primary objectives are to provide recommendations to the FASB as the FASB sets accounting standards for privately-held enterprises. Information about the activities of the PCFRC can be found at

Further, the AICPA and the Financial Accounting Foundation (FAF), with support from the National Association of State Boards of Accountancy, have formed a blue ribbon panel to explore the future of standard setting for private companies.

Additional information: