May 11, 2015
From the Financial Reporting Network
KPMG LLP recently commented on the Request for Comment, Three-Year Review of the Private Company Council, that the Board of Trustees of the Financial Accounting Foundation issued to assess the Private Company Council’s (PCC) effectiveness, accomplishments, and future role in setting standards for private companies. KPMG supports the FAF and FASB’s efforts to give greater consideration in the standard‑setting process to the needs of users of financial statements of private companies. The firm also provided suggestions about evaluating private company financial statement user needs, the PCC’s advisory role in active FASB projects, evaluating the costs of accounting alternatives, researching the extent to which private company alternatives are being used, and disclosure about using private company alternatives.