Rick Anderson named to head “Blue-Ribbon Panel" on accounting standards for private companies

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On January 11, the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy (NASBA) announced that Rick Anderson, chairman and CEO of Moss Adams LLP, has been named chairman of a “blue-ribbon panel” established to analyze U.S. accounting standards and how they can best meet the needs of users of private company financial statements. As announced in December 2009, the “blue-ribbon panel” will provide recommendations on the future of standard setting for private companies.

Among other issues the panel will address are questions as to whether differences in size, structure, geographic disposition, and mission should have an effect on the accounting standards applicable to private firms and how U.S. accounting standards can best meet the needs of users of private company financial statements.

Anderson currently serves on the FAF Board of Trustees. He was a member of the AICPA council for three years, is the immediate past chair of the AICPA Major Firms Group, and has been involved with other professional committees. He joined Moss Adams in 1973, spending his career in the firm’s Seattle and Yakima offices providing audit and consulting services to manufacturing, agricultural, and food processing entities. He was appointed director of accounting and auditing in 1984, director of operations in 1993, became president/COO in 1999, and became chairman and CEO in 2004.

According to David Costello, president and chief executive officer of NASBA, “Mr. Anderson’s rich experience in serving clients in the accounting profession and in serving the general public in his role with the Financial Accounting Foundation ideally positions him to be the chairman of this panel addressing standards for private companies.”

AICPA President and CEO Barry Melancon said that, “Rick is an outstanding selection to lead this panel,” Melancon also pointed out, “He has experience in all facets of private company accounting and as CEO of his firm he is in direct contact with a wide and diverse constituency of private companies. As a member of the FAF Board of Trustees, he is keenly aware of the challenges inherent in setting accounting standards. Rick has a long personal track record of service to the profession and to the public. We look forward to working with him on this vitally important project.”

FAF President Teresa Polley said, “The FAF Board of Trustees is delighted that Rick has agreed to chair this panel. Rick brings a deep knowledge of the financial reporting issues faced by enterprises, both public and private, in diverse industries. That broad perspective will serve him well as the panel considers the needs of users of private company financial statements.”

Members of the panel will represent a cross section of financial reporting constituencies, including lenders, investors, and owners, as well as preparers, auditors, and regulators. Further details on the composition of the panel will be announced shortly.

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