The Private Company Council has authority to make the final decision about changing U.S. GAAP for private companies.

Name: The Private Company Council has authority to make the final decision about changing U.S. GAAP for private companies.
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Question

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The Private Company Council (PCC) can propose changes to U.S. GAAP for private companies, but the Financial Accounting Standards Board (FASB) has the final authority to approve and implement those changes.

The Private Company Council Has Authority to Make the Final