F1 - PCC Coverage

Question 1

Who created the Private Company Council (PCC)?

What is the GOAL of the Private Company Council?

Where are accounting alternatives for private companies incorporated into?

Answer 1

The Financial Accounting Foundation (FAF) created the Private Company Council (PCC)

The GOAL of the PCC is to establish alternatives to US GAAP, where appropriate, to make their financial statements more RELEVANT, LESS COMPLEX and COST BENEFICIAL

Relevant sections of the Accounting Standards Codification (ASC)