FAF APPOINTS FOUR NEW PRIVATE COMPANY COUNCIL MEMBERS

Norwalk, CT—November 15, 2016—The Board of Trustees of the Financial Accounting Foundation (FAF) today appointed four new members of the Private Company Council (PCC) to three-year terms that begin on January 1, 2017.
New members appointed to the Council were:

Beth I. van Bladel (preparer)— director of CFO for Hire LLC
David J. Hirsch (user)—vice president, finance, at Pritzker Group Private Capital
Richard N. Reisig (practitioner)—shareholder and technical director, attest services, at Anderson ZurMuehlen & Company, P.C.
Yan Zhang (practitioner)—partner at EisnerAmper LLP

Ms. Van Bladel, Mr. Hirsch, Mr. Reisig, and Ms. Zhang will replace current PCC members George Beckwith (preparer), Thomas Groskopf (practitioner), Harold Monk (practitioner), and Carleton Olmanson (user).

Messrs. Beckwith, Groskopf and Olmanson’s terms conclude on December 31, 2016. Mr. Monk was recently appointed to serve on the Financial Accounting Standards Board (FASB) commencing January 1, 2017.

Following completion of their initial three-year terms, Ms. Bladel, Mr. Hirsch, Mr. Reisig, and Ms. Zhang will be eligible for reappointment to an additional term of two years.

“On behalf of the FAF, I am pleased to welcome our newest PCC members,” said FAF Trustee Diane M. Rubin, who chairs the Trustees’ Private Company Review Committee. “Their diverse backgrounds and deep understanding of issues that affect private companies will provide valuable perspectives to the PCC and the FASB.

“We also thank the departing PCC members—George, Tom, Harold, and Cully, for their commitment to helping improve financial accounting and reporting for private companies,” Rubin added.

FASB Chairman Russell G. Golden said, “The FASB welcomes the appointment of the new PCC members and looks forward to working with them as they advise the Board and consider matters facing users, preparers and auditors of private company financial statements.”

More information on the PCC can be found on its website.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.

About the Private Company Council (PCC)

The PCC is the primary advisory body to the FASB on private company matters. The PCC uses the Private Company Decision-Making Framework to advise the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s technical agenda. The PCC also advises the FASB on possible alternatives within GAAP to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB. For more information, visit www.fasb.org/pcc.