What effect has the work of the Private Company Council (PCC) had on accounting standards? The PCC has given nonpublic companies a vote with respect to the adoption of proposed Accounting Standards Updates (ASUs). The PCC has established an alternate version U.S. GAAP for nonpublic companies: GAAP for Small and Medium Enterprises or GAAP for SMEs. The PCC has had very little effect on U.S. accounting standards. The PCC has developed simplifed accounting alternatives within GAAP for nonpublic companies