The Private Company Council, the group that advises the Financial Accounting Standards Board on private company accounting matters, has published its 2024 Annual Report to highlight its accomplishments and activities.
This first-ever PCC annual report includes:
- A message from PCC Chair Jere Shawver;
- 2024 highlights and key progress areas;
- A section on prior accomplishments;
- A look at strategy going forward; and
- A section on stakeholder engagement.
PCC Chair Jere Shawver said: “I am proud to present to you the PCC 2024 Annual Report. I have been privileged in my role as chair to witness firsthand the outstanding work that the PCC has performed in 2024,” PCC Chair Jere Shawver said.
FASB Chair Richard Jones added, “The FASB appreciates the PCC’s contributions under Jere’s leadership in advising the FASB and their ongoing collaboration with the private company community. The report highlights many of those activities.”
The complete list of projects for which the PCC advised the FASB during 2024 includes:
The PCC was established in 2012 by the Financial Accounting Foundation, the organization that oversees the FASB and the Governmental Accounting Standards Board. The PCC advises the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s agenda. The PCC also advises the FASB on possible alternatives within Generally Accepted Accounting Principles to address the needs of users of private company financial statements.
The PCC Annual Report and more information about the PCC is available at www.fasb.org/pcc.
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Tags: Accounting, FASB, Private Company Council
