Private Company Council Is Established

The Financial Accounting Foundation's board of trustees has voted to
establish a new Private Company Council that will determine whether
exceptions or modifications to U.S. GAAP for privately held companies
are necessary.

The new council will replace the Private Company Financial Reporting
Committee and will have the ability to identify, deliberate, and vote
on any proposed changes, which will be subject to endorsement by the
Financial Accounting Standards Board, which the FAF oversees, and be
submitted for public comment before being incorporated into GAAP. The
PCC will also serve as the primary advisory body to FASB on the
appropriate treatment for private companies for items under active
consideration on the FASB"s technical agenda.