The PCC was responsible for determining whether proposed exemptions or changes to GAAP were acceptable and addressed the needs of consumers of private company financial statements. Additionally, the PCC served as the primary advisory group to the FASB in ensuring the appropriate treatment of private companies. Additionally, the PCC works to review all existing regulations under GAAP to see which standards would require modification or alteration. The PCC seeks to create, consider and vote on proposed exemptions or changes to be made. The PCC's final task is to find GAAP regulations that can be changed to help improve the financial situation of private companies