Request for Nominations
to the FAF's Private Company Council
April 1, 2016
The Trustees of the Financial Accounting Foundation (FAF) are currently
seeking candidates for three upcoming member vacancies on the Private
Company Council (PCC), one CPA practitioner, one financial statement
preparer, and one financial statement user. The initial term for the
three new member positions will commence on January 1, 2017.
The PCC is the primary advisory body to the Financial Accounting
Standards Board (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 Generally Accepted
Accounting Principles (GAAP) to address the needs of users of private
company financial statements. Any proposed changes to GAAP are subject
to endorsement by the FASB and undergo thorough due process. For more
information on the role of the PCC, please see the FAF website (www.accountingfoundation.org).
The PCC may range from 9 to 12 members (currently10 members), including
the Chair, and comprises individuals with backgrounds and experience in
preparing, auditing (including compiling and reviewing), and using
private company financial statements. Members of the PCC will
demonstrate (1) a keen interest in and knowledge of financial accounting
and reporting matters; (2) experience working with private companies;
and (3) a commitment to improving financial reporting for users of
private company financial statements. More specifically, the FAF Board
of Trustees is seeking nominations of individuals with backgrounds and
experience as follows:
- Users of private company financial statements, including lenders and/or equity investors
- Preparers of private company financial statements from a variety of industries and companies of various sizes
- CPA practitioners from national, regional, and local firms.
Nominations are sought from all entities and individuals with an interest in private company financial reporting.
PCC Candidate Profile
The ideal candidates will be highly regarded within their fields of
expertise and have a strong appreciation for the importance of
independent standard setting for financial accounting and reporting.
Candidates will be committed to the mission of the FAF, the FASB, and
the PCC; demonstrate a commitment to the public interest; and have an
appreciation for the varying interests and perspectives of investors,
lenders, and other users of private company financial information, and
the preparers and auditors of private company financial statements.
When assessing candidates for appointment to the PCC, the FAF Board of
Trustees also will consider, among other factors, the following:
- Background and level of experience in private company financial accounting and reporting
- History of interest and participation in financial reporting matters or standard setting activities
- The ability to work collegially and to understand and respect conflicting viewpoints
- The ability to consider the evidence on all sides of an
issue, analyze it objectively in forming a view, and clearly articulate
that view
- The ability to communicate effectively
- The ability to commit the time to prepare for and attend meetings of the PCC.
Time Commitment and Other Information
The PCC is expected to meet at least four times each year for two
consecutive days, generally at the FASB's offices in Norwalk,
Connecticut. PCC members may also be asked to participate in roundtable
meetings, as well as speak to stakeholder organizations and other
interested parties.
The PCC Chair and members are appointed to three-year terms, with the
possibility of reappointment to an additional term of up to two years.
The PCC conducted its inaugural meeting in December 2012, and the terms
of the initial ten PCC members concluded as of December 31, 2015.
Beginning in 2016, the Trustees established staggered terms for some PCC
members to promote continuity and an orderly rotation of members.
Members of the PCC serve without remuneration, but will be reimbursed
for out-of-pocket expenses incurred in connection with PCC activities as
they may request, provided that those expenses comply with FAF
policies.
The following information is requested for each candidate
for PCC membership. (Individuals are permitted to nominate themselves.
Self-nominees are requested to also provide a reference.)
- A
completed nomination form
- A resume, CV, or biographical profile
- Any other background information that may be relevant to the individual's candidacy for the PCC
- The name and contact information for a reference (in the case of a self-nominee).
All materials should be submitted by April 30, 2016, to:
Robert Kalina, Vice President, Human Resources
Financial Accounting Foundation
401 Merritt 7; P.O. Box 5116; Norwalk, CT 06856-5116
Phone: (203) 956-5295; FAX: (203) 956-5241; Email: PCCNominations@f-a-f.org