Simplifying financial reporting without compromising quality is the mission of the Private Company Council (PCC). By advocating for the needs of private companies, the PCC reduces unnecessary complexity, making financial reporting more efficient and accessible for stakeholders like lenders, creditors, and owners. In this must-watch segment, we’re joined by two industry leaders, Jere Shawver – Chair of the PCC and CEO at Baker Tilly, LLP, and Phil Marciano – Partner at Citrin Cooperman. Jere and Phil offer valuable insights into how the PCC is reshaping financial standards and streamlining processes to benefit businesses and financial users alike.
Learning Objectives
• Recognize the primary purpose and function of the Private Company Council (PCC) in addressing the unique needs of private companies within U.S. GAAP
• Identify the specific challenges private companies face with GAAP standards, including complexity, cost, and relevance to financial statement users
• Distinguish how the PCC gathers input from stakeholders through meetings, trade organizations, and conferences & advises FASB on this input
• Identify key agenda items for the PCC related to debt extinguishment, conditional retainage, CECL & leases for private companies
Major Topics
• GAAP compliance
• financial reporting
• emerging technology trends
• automation for accountants
• artificial intelligence in accounting
