Are Private Company Standards Important? Weigh In
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March 26, 2024
The Financial Accounting Foundation is
conducting an assessment of the Private Company Council (PCC), which has been in
operation since 2012, to ensure it is still meeting the needs of private company
stakeholders. They have issued a request for comments on the following topics:
- Has the PCC been effective as the primary advisory body to the Financial Accounting Standards Board (FASB) on
private company issues and concerns?
- Has the PCC been successful in considering the needs of private
company stakeholders when making recommendations to the FASB on
alternatives within Generally Accepted Accounting Principles (GAAP)?
- What organizational or procedural improvements to the PCC are needed?
If you believe that private company standards are important to small businesses, submit your comments by May 31:
The information in this guide has been gathered from many sources, including the Internal Revenue Service, the Social Security Administration, state agencies, professional organizations and members of the NJCPA. The COVID-19 pandemic has prompted the majority of state agencies to offer more online and prerecorded services. Though offices have reopened after the COVID-19 shutdown, it’s best to check online or call before you visit.
Material contained within this guide should be augmented by, and used in accordance with, a certified public accountant's professional judgment. Your CPA can properly apply the tax laws and regulations to the facts and circumstances of your particular situation. For help with locating a CPA, visit findacpa.org.
The New Jersey Society of Certified Public Accountants is not responsible for any claims arising as a result of this information or its usage.
This guide was updated in October 2023. Future users of this material are cautioned that some portions, particularly tax-related information, may become outdated.