SKR+Co Alert: The creation of"Little GAAP" has been approved for private companies!
June 8, 2012
After considering numerous public comments, the Financial Accounting Board (FAF) — the parent organization to the Financial Accounting Standards Board (FASB) — has approved the creation of the Private Company Council (PCC). The PCC will identify and vote on exceptions and modifications to U.S. GAAP that respond to the needs of private companies and their financial statement users. This article details PCC’s role and discusses the AICPA’s plan to develop “little GAAP.”
To read the full article, click here.
If you own a private company, it’s a good idea to monitor the activities of the PCC and the AICPA, which will likely have a big effect on how you prepare your financial statements. For more information on the PCC, please give us a call. We’d be happy to answer your questions.
Contact us with any questions or concerns at (719) 630-1186 or through our Secure Email.