Judith H. O'Dell, CPA, has been named Chair of the new Private Company Financial Reporting Committee (the Committee), part of the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) initiative to improve the FASB's standard-setting process to include the needs of private companies. The primary objectives of the Committee will be to provide recommendations to the FASB as the FASB sets accounting standards for privately-held enterprises.
O'Dell indicated she expects the Private Company Financial Reporting Committee to conduct its first meeting in the spring of 2007. Subsequent meetings will be held quarterly and be open to constituents. Over the next several months, O'Dell will be seeking nominations for committee members.
âI am delighted to help spearhead this critical effort to further advance the strides that have been made in meeting the financial reporting needs of private companies and users of their financial statements,â O'Dell said in a prepared statement regarding her appointment. âI look forward to working with the FASB and the AICPA on this important endeavor and am confident in its success.â
O'Dell is currently principal and Chief Financial Officer (CFO) of a family-owned enterprise engaged in real-estate development, construction, and a hotel and restaurant business. She also maintains her own business valuation and litigation support practice. Prior to her current professional endeavors, O'Dell was managing shareholder of a Pennsylvania-based accounting firm.
âWe're delighted with the appointment of Judith O'Dell to help us advance the financial reporting needs of private companies and users of their financial statements,â said FASB Chairman Robert Herz. âJudy's extraordinary background, which encompasses financial reporting expertise with private companies, public accounting, and academia, coupled with her practical experience as a CFO of a private enterprise, make her an ideal fit to lead this important effort on behalf of this vital constituency.â
O'Dell has previously served both the FASB and the AICPA. From 1999-2004, she was a trustee of the Financial Accounting Foundation (FAF), which oversees both the FASB and the Governmental Accounting Standards Board (GASB). She also chaired the FAF Audit Committee and was a member of its Finance and Executive Committees. From 1995-1998, she was a member of the AICPA Board of Directors and served two terms on the Institute's governing Council. She has also been a member of the AICPA National Accreditation Commission and Chair of the Technical Issues Committee.
O'Dell is the author and instructor of continuing education courses on auditing, internal control, fraud, business valuation, and staff training. She has also taught accounting and auditing at the college level. She holds a bachelor's degree in economics from Immaculata University in Pennsylvania. In addition to being a certified public accountant (CPA), she is a Certified Valuation Analyst.
âJudy's appointment is a significant step,â AICPA President and CEO Barry Melancon said. âUnder her leadership, the committee will reach out to all key constituents in private company financial reporting to understand and deliberate on their various perspectives.â