Private Company Council Discusses Accounting Overload
During its December 13 discussion on the Private Company Decision-Making Framework (“the Framework”), the Private Company Council voiced concerns about accounting compliance overload among smaller private companies. Accounting overload has gained the PCC’s attention while financial statement preparers implement key standards by the Financial Accounting Standards Board (“FASB”). The PCC wants to resolve complexities that small private companies face when preparing their financial statements. As a result, the PCC voted against a formal review of the Framework, and asked FASB staff members to produce recommendations for deciding which companies are within the scope of the Framework.