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Nominations being accepted for new accounting standards board

Nominations are being accepted for members of the new Private Company Council,

The Financial Accounting Foundation is currently accepting nominees to serve on the new Private Company Council, an accounting standards board that will set rules and guidelines for privately-held companies.

To be considered for a post on the board, or as chair, nominations must include a resume, curriculum vitae or biographical profile, along with any other relevant personal information that may be pertinent to the position. FAF has also asked that self-nominators include the name and contact information of a reference. The deadline for submissions is June 30.

The PCC was was created to provide more tailored accounting oversight to private companies. Many organizations had complained that current accounting standards requiring stringent financial reporting are geared primarily toward public companies that have investor disclosure requirements. Since private companies have no investors, many business owners and executives felt they were being held to an unnecessary standard. The new council has been met with approval from a variety of groups, including the American Institute of Certified Public Accounting, which said FAF had "taken solid steps in the right direction regarding the Private Company Council."