New private company council includes FASB, but in reduced role, The Journal of Accountancy explains.  “This announcement is excellent news for small businesses that have been concerned about the future of US GAAP particularly in relation to an international move toward IFRS,” adds Editor Gail Perry at AccountingWeb.  Emily Chasan at the Wall Street Journal reports: The Financial Accounting Foundation’s Board of Trustees voted Wednesday to establish a new Private Company Council that will create exceptions and modifications to U.S. accounting rules as they apply to private companies.   The board, which oversees the U.S. Financial Accounting Standards Board, said…