The Financial Accounting Foundation announced that the current chair of the Private Company Council, Billy Atkinson, will not be seeking a second term as the head of the 10-person body. Consequently, the FAF has released a call for nominations to seek out a new chair, as well as fill in any other potential vacancies on the council.

According to the FAF, "The ideal candidates will be highly regarded within their fields of expertise and have a strong appreciation for the importance of independent standard setting for financial accounting and reporting. Candidates will be committed to the mission of the FAF, the FASB, and the PCC; demonstrate a concern for the public interest; and have an appreciation for the varying interests and perspectives of investors, lenders, and other users of private company financial statements, and the preparers and auditors of private company financial reports."

The PCC was established in 2012 after a years-long examination of the unique financial reporting issues that affect private business entities on the part of the FAF, AICPA, and National Association of State Boards of Accountancy. Its role is to both advise the Financial Accounting Standards Board on matters that affect private businesses, as well as to propose exceptions and modifications to U.S. GAAP for said private businesses.