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Political StandardsCorporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy$
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Karthik Ramanna

Print publication date: 2015

Print ISBN-13: 9780226210742

Published to Chicago Scholarship Online: May 2016

DOI: 10.7208/chicago/9780226210889.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 22 September 2021

My Own Private Company Council

My Own Private Company Council

How a New Accounting Rule-Maker Is Born

(p.126) 7 My Own Private Company Council
Political Standards

Karthik Ramanna

University of Chicago Press

The issue in this chapter is not simply the creation of an accounting rule that is in the interest of a group or entity but rather the creation of an entirely new rulemaking body. The chapter describes how a group of private companies and associated interests – that were dissatisfied with the nature of rulemaking at the FASB and their ability to influence such rulemaking – were able to create a separate rulemaking body for themselves, The Private Company Council. The PCC is controversial because there is little conceptual support for the idea that private companies should enjoy separate accounting rules. While it is too soon to assess the impact of the PCC, the narrow political motives behind its creation give cause for concern.

Keywords:   FASB, private company council, private equity

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