PCFRC

AcronymDefinition
PCFRCPrivate Company Financial Reporting Committee
References in periodicals archive ?
In 2006, the FASB created the Private Company Financial Reporting Committee (PCFRC).
What is the role of the Private Company Financial Reporting Committee (PCFRC)?
* FASB's Small Business Advisory Committee--The development of its Small Business Advisory Committee and PCFRC shows the FASB's efforts to provide guidance to stakeholders other than large public companies.
The Blue-Ribbon Panel said the report issued by that task force, commonly known as the Castellano Report, "concluded that the users of private company financial statements have different needs than users of public company financial statements, (and) that GAAP exceptions and OCBOA should not be the resolution to the private company financial reporting problems." In the wake of that report, FASB created the PCFRC, which is charged with providing recommendations to FASB about differences in prospective and existing GAAP accounting standards related to private companies based on user needs and cost/benefit considerations.
What role will the PCFRC play in the financial reporting process?
The PCFRC was concerned many nonpublic entities and their CPAs were not fully aware of FIN 48's implications and had not had the necessary time to understand and apply the guidance.
It is hard to believe that the IMA doesn't have the lead role in the PCFRC. Are any of the members of the committee IMA members?
FASB created the Private Company Financial Reporting Committee (PCFRC) jointly with the AICPA five years ago.
"The FAF proposal mirrors what we already have in the Private Company Financial Reporting Committee (PCFRC) with FASB's ability to veto any recommendations,' Balhoff says.
In its proposal, PAF concluded that FASB and the advisory group known as the Private Company Financial Reporting Committee (PCFRC) had made gains in recent years but had stopped short of achieving all of their objectives; therefore private company needs had not been addressed as thoroughly of directly as they had intended.
As a result, the Private Company Financial Reporting Committee (PCFRC) was formed to evaluate current accounting standards with regard to private companies vis-a-vis generally accepted accounting principles (GAAP).
The PCSIC would have replaced the current Private Company Financial Reporting Committee (PCFRC), which was created in 2006 to advise FASB on accounting standards for private companies; however, it has been criticized for not being independent and for having its proposals rejected by FASB.