The Private Company Council (PCC) is a FASB advisory body for private company accounting matters and helps develop GAAP alternatives to meet the unique needs of users of private company financial statements. The PCC recently approved projects for credit losses on accounts receivables and the presentation of retainage. Research updates were provided on potential relief for debt modifications and leases. Download the PDF below for details on the projects.
If you have any questions or need assistance, please reach out to a professional at Forvis Mazars.