The Accounting Policy & Practice Report ® provides financial accounting policy makers, advisors, and practitioners with the latest news, expert insights, and guidance on emerging, evolving, and complex accounting issues. Expert News & Commentary.
Trustees of the Financial Accounting Foundation approve creation of the Private Company Council to recommend changes in accounting standards for private companies, changes which must be endorsed by FASB before implementation. However, unlike earlier plans, FASB would be required to endorse or reject the PCC's recommendations within 60 days and justify in writing any rejection.
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