What does the PCC aim to establish for private companies?

The correct answer is focused on the intention of the Private Company Council (PCC) to provide alternatives to U.S. GAAP specifically tailored to the needs of private companies. The PCC recognizes that private entities often face different circumstances and complexities compared to public companies, and thus their accounting standards may need to reflect those unique situations. By establishing alternatives, the PCC aims to simplify financial reporting for private entities, making it more relevant and less burdensome, while still maintaining the reliability and usefulness of financial information.

The other options do not align with the PCC's goals. Standardization of global accounting practices is more related to international bodies like the IASB, while accountability to government regulations pertains to compliance factors rather than the establishment of alternative accounting treatments. Automatic compliance with IFRS does not align with the PCC’s purpose since it focuses specifically on providing flexibility within the U.S. GAAP framework rather than adopting international standards outright.