The Private Company Council is making good progress on a new process designed to work collaboratively with the FASB in carving out exceptions or modifications of US generally accepted accounting principles (US GAAP) for private companies.
Most notably, the Council has discussed a number of areas of accounting that may involve unnecessary costs and complexities for private companies, and it has agreed to proceed with several projects that may result in improvements in the near future. The Council has also tentatively agreed to revise and re-expose the draft of the private company decision-making framework.
Read more about these initiatives in this week’s MHM Messenger which summarizes the Private Company Council’s initial projects, reasoning and next steps.
Additional Private Company Council resources from Mayer Hoffman McCann