The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Standards Board (FASB) jointly announced that George Beckwith, CPA, controller, National Gypsum Company, Charlotte, N.C.; Stephen Bodine, CPA, audit and accounting principal, LarsonAllen, LLP, Minneapolis; and Steven D. Lords, CPA, CCIFP, CFO, Martin-Harris Construction, Las Vegas, were named to the Private Company Financial Reporting Committee (PCFRC).
The PCFRC is a committee of the FASB which receives administrative support from the AICPA as part of a joint standard setting improvement effort by the FASB and AICPA.
"Beckwith, Bodine and Lords promise to be invaluable assets to the committee", said Judy O'Dell, chair of the PCFRC. "Beckwith's large private company perspective, Bodine's utilization of private enterprise resources from a larger firm and Lords' 20-plus years experience in cash and risk management in the private sector will bring invaluable insights to the committee's discussion on needs faced by users of private company financial statements."
O'Dell introduced Beckwith, Bodine and Lords at the PCFRC meeting held at FASB's headquarters in Norwalk, Conn.
Beckwith has been a member of the Financial Executives International's Committee on Private Companies since its inception and has served as a board member of the Carolinas Chapter of FEI. He is a graduate of the College of Charleston, Charleston, S.C.
Bodine is immediate past chair of the AICPA's technical issues committee and has served on the Institute's governing Council and its Private Companies Practice Section executive committee. He received his bachelors of science in Accounting from Mankato State University, Mankato, Minn.
Lords served as national president of the Construction Financial Management Association and is a member of its education committee. He is a national instructor for the Basics of Construction Accounting, as well as Cash Management and Accounting and Reporting and Treasury Management. He earned his bachelor's of science from Brigham Young University, Provo, Utah.
Beckwith, Bodine, and Lords replace original committee members Charlie Bramley, CPA, partner, Briggs, Bunting & Dougherty, LLP, Philadelphia; Daryl Buck, CPA, CFHO, Reasor's Inc., Tahlequah, Okla.; and Jerry Murphy, CPA, chief financial officer, Todd & Sargent Inc., Ames, Ia.
"The PCFRC thanks Charlie Bramley, Daryl Buck and Jerry Murphy for their outstanding service to the committee", said O'Dell. "Bramley's, Buck's and Murphy's experience and perspective as CPAs serving and working in the private company sector, as well as their considerable accounting skills, contributed substantially to the success of the PCFRC over the last three years."
Beckwith, Bodine, and Lords join the following members on the PCFRC:
- Judy O'Dell, CPA, president, O'Dell Valuation Consulting, Chestertown, Md.
- John Burzenski, president, Burzenski & company, East Haven, Conn.
- Mike Cain, CPA, senior executive vice president, Frost National Bank, San Antonio
- Thomas Groskopf, director, Barnes Dennig, Cincinnati
- Mary Ann Lawrence, senior vice president, Key Corporation, Cleveland
- David Lomax, area underwriting manager, Liberty Mutual Surety, Plymouth Meeting, Penn.
- Chris Rogers, vice president of finance and administration, Infragistics, Windsor, Conn.
- Steve Shelton, partner, Ray, Way, Shelton and Company, Tuscaloosa, Ala.
- Jim Smith, CMA, vice president and chief financial officer, Phonon Corporation, Simsbury, Conn.
- James Stevenson, CPA, chief financial officer, ABS Capital Partners, Baltimore
About the PCFRC:
The PCFRC is part of a broad initiative by the AICPA and the FASB to improve the standard-setting process to better meet the needs of privately held enterprises and the users of their financial statements. The committee's mission is to identify areas in prospective and existing standards where differences could be made for non-issuers, and then make recommendations to the FASB.
About the Financial Accounting Standards Board:
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information.
About the AICPA:
The American Institute of Certified Public Accountants is the national, professional association of CPAs, with more than 360,000 CPA members in business and industry, public practice, government, education, student affiliates, and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The AICPA maintains offices in New York, Washington, D.C., Durham, N.C., Ewing, N.J. and Lewisville, TX.