In 2012, the Financial Accounting Standards Board (FASB) created the Private Company Council (PCC) to identify areas where Generally Accepted Accounting Principles (GAAP) are irrelevant or working against the best interests of private companies. Lately, they have been keeping busy, as the bulk of the changes within the private company accounting alternatives have come about more quickly in the past 12 months and have already touched on Variable Interest Entities, Intangibles, Derivatives and Hedging,…