WASHINGTON (11/30/15)--The Financial Accounting Foundation released a report this month outlining several revisions to the operating procedures of the Private Company Council (PCC), intended to improve the group’s effectiveness.
The revisions come after a standard three-year review of the PCC, which CUNA commented on in May.
The PCC serves as the primary advisory body to the Financial Accounting Standards Board (FASB) on the appropriate treatment for private companies, including credit unions.
The Financial Accounting Foundation recommended that PCC:
In its comments, CUNA expressed its support of the work of the PCC and made several general recommendations.
FASB also issued its eighth edition of FASB Outlook, the quarterly e-newsletter that keeps stakeholders informed of key projects and activities.