Thomas J. Groskopf, CPA, CVA, MBA, resident of Mason, Ohio, director (owner) of Cincinnati-based Barnes Dennig, was named to the Private Company Financial Reporting Committee (PCFRC). The committee's mission is to consider differences in prospective and existing GAAP accounting standards related to private companies based on user needs and cost/benefit considerations, and make formal recommendations to its governing body, the Financial Accounting Standards Board (FASB). The PCFRC and the FASB receive administrative support from the American Institute of Certified Public Accountants (AICPA).
"We are proud of Tom's accomplishments, and with his guidance, we are able to better serve our privately-held, middle-market clients during these trying economic times," stated Bill Cloppert, managing firector at Barnes Dennig. "Tom's appointment to this committee raises the profile of Barnes Dennig and our capabilities at a national level. His knowledge of the ever-changing accounting standards is pertinent to the success of our firm, " continued Cloppert.
"Tom's technical accounting expertise and long-time involvement in the financial issues relevant to private companies promise to be an invaluable asset to the committee," said Judy O'Dell, chair of the PCFRC. "His background will undoubtedly enhance the 12-person PCFRC and help sustain the successful work of the committee in providing our constituents a voice in the standard-setting process."
Groskopf is the youngest person to become director at Barnes Dennig. The firm and its 101 employees specialize in providing business counsel to tax, accounting, and consulting clients throughout the Cincinnati region. Groskopf has served as Private Companies Practice Section chair of the AICPA's Technical Issues Committee (Accounting Standards). He is also a member of the Xavier University Accounting Department's Board of Executive Advisors.
"I'm excited about joining the committee, and look forward to making a difference in accounting standards for private companies," said Groskopf. Groskopf will serve an annual term that is renewable for up to three consecutive years.
About the PCRFC
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.