State Board Report
The accomplishments of the Private Company Council were given high marks in NASBA’s response to the Financial Accounting Foundation’s three-year review of the PCC. Besides recommending that the PCC continue being more than an advisory body to the Financial Accounting Standards Board (FASB), the letter from Chair Walter C. Davenport and President Ken L. Bishop recommended that the PCC should have the latitude to consider not just the FASB’s active agenda but also other private company-related alternatives to GAAP, following the existing endorsement process, and the PCC should maintain the ability to set its own agenda.
"It is clear that the PCC’s work thus far has been successful. Private companies are adopting and already utilizing the alternatives proposed by the PCC and endorsed by the FASB. Simplified accounting alternatives for both goodwill and variable interest entities, as examples, have brought welcome financial reporting relief to private companies," the NASBA letter states.
Recommendations for possible improvements to the PCC made by NASBA included extending the terms of PCC members to five years on a rotating basis, which would mean their longevity on the PCC would be commensurate with the FASB’s members. NASBA also suggested that, based on the extensive responsibilities and time requirements of the PCC’s chair, that should be made a compensated position. In a comment letter from AICPA Chair Tommye E. Barie and President Barry C. Melancon, the Institute agreed with NASBA that the PCC should not become only an advisory body. Their letter to the FAF states: "Consistent with how the PCC was established, FASB and PCC must be partners in deciding when differences in GAAP are appropriate."
An update on the work of the PCC will be presented at the NASBA Regional Meetings by PCC Chair Billy Atkinson at the Western Regional Meeting and PCC Member George W. Beckwith at the Eastern Regional Meeting.
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