Removing Barriers Blog

Changes Made to FASB Private Company Advisory Group
Posted November 18, 2015 by CUNA Advocacy

As a result of its three-year review of the Private Company Council (PCC), the Financial Accounting Foundation (FAF) adopted several changes to the operating procedures of the PCC, which is the primary advisory body to FASB on accounting issues affecting private companies—including credit unions.

The changes, intended to improve the PCC’s effectiveness, focus on the manner in which the PCC provides FASB with private company perspectives, and on how the PCC communicates those perspectives to its stakeholders.

In a May 2015 letter filed with the FAF, CUNA expressed support of the work of the PCC but also cited several areas that could be improved, including the PCC's focus on reducing the regulatory burden on credit unions through streamlining and simplifying unnecessarily complex accounting standards.