By Anne Rosivach
The Financial Accounting Foundation (FAF) board of trustees has announced the appointment of the chairman and nine members of the newly created Private Company Council (PCC). The PCC will work with the Financial Accounting Standards Board (FASB) to determine whether and when to modify US Generally Accepted Accounting Principles (GAAP) for private companies.
"On behalf of the FAF, I am pleased to welcome our inaugural PCC members", said FAF President and CEO Teresa S. Polley. "More than one hundred highly qualified candidates were nominated for the ten seats on the council, both by organizations and by individuals. As a result, the selection process was very difficult."
When it announced the formation of the body in May, the FAF sought nominations for the PCC from a broad array of stakeholders and stakeholder groups. PCC members include users, preparers, and practitioners who have significant experience using, preparing, and auditing (and/or compiling and reviewing) private company financial statements. Council members, including the chair, are appointed to an initial three-year term, with each member eligible for reappointment.
Named as PCC Chair was Billy M. Atkinson, who served as chairman of the National Association of State Boards of Accountancy (NASBA) from 2009 to 2010. Atkinson has been a member of the NASBA board since 2004. He was appointed to the Texas State Board of Public Accountancy in 1999 and served as the presiding officer from 2003 to 2005. Atkinson was nominated by the Texas Society of CPAs, the Texas State Board of Public Accountancy, and NASBA.
The nine members of the PCC will bring the perspectives of private company stakeholders, including executives, users of private company financial statements, bankers, and accounting professionals. The members (with the nominating organization listed, if applicable) are:
- George Beckwith, vice president and CFO of National Gypsum Company in Charlotte, North Carolina; nominated by Nperspective.
- Steven Brown, vice president of US Bank in Portland, Oregon; nominated by the American Bankers Association.
- Jeffery Bryan, partner, Professional Standards Group of Dixon Hughes Goodman LLP in High Point, North Carolina.
- Mark Ellis, CFO of PetCareRx Inc. in Chappaqua, New York; nominated by the AICPA.
- Thomas Groskopf, director and owner of Barnes, Dennig & Co., Ltd. in Cincinnati, Ohio; nominated by Mueller Roofing Distributors, Inc. and Barnes, Dennig & Co., Ltd.
- Neville Grusd, president of Merchant Financial Corporation in New York, New York.
- Carleton Olmanson, managing principal of GMB Mezzanine Capital in Minneapolis, Minnesota; nominated by the Office of Paul Volcker.
- Diane Rubin, partner of Novogradac & Company LLP in San Francisco, California; nominated by NASBA.
- Lawrence Weinstock, vice president of finance of Mana Products, Inc. in Long Island City, New York.
In her statement, FASB Chairman Leslie F. Seidman said",The FASB welcomes the appointment of the new members of the PCC and looks forward to working with them to address critical issues facing the users, preparers, and auditors of private company financial statements. Our first task will be to agree on a framework with the PCC for making decisions about whether and when US GAAP should be modified for private companies. We look forward to meeting with the new PCC in the fourth quarter."