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.