FINANCIAL ACCOUNTING FOUNDATION APPOINTS
FOUR NEW PRIVATE COMPANY COUNCIL MEMBERS
Norwalk, CT—August 22, 2017—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, 2018.
New members appointed to the Council are:
- Jeremy Dillard (practitioner)—partner with Singer Lewak, LLP
- Michael Minnis (user)—associate professor at the University of Chicago Booth School of Business
- Dev Strischek (user)—retired senior vice president and senior
credit policy officer, corporate risk management at SunTrust Banks, Inc.
- Frank Tarallo (preparer)—chief executive officer at Theragenics Corporation.
Mr. Dillard, Mr. Strischek, and Mr. Tarallo will succeed current PCC
members Jeff Bryan (practitioner), Steve Brown (user), and Larry
Weinstock (preparer). Messrs. Bryan, Brown, and Weinstock's terms
conclude on December 31, 2017.
The PCC, which can comprise 9 to 12 members, currently consists of 10 members
from financial statement user (3 members), preparer (3 members), and
practitioner (4 members) backgrounds. With the addition of Mr. Minnis,
whose research focuses primarily on the capital market impacts of
private company financial statements, the number of financial statement
users on the PCC increases to 4, and the total number of PCC members
increases to 11.
Following completion of their initial three-year terms, Messrs. Dillard,
Minnis, Strischek, and Tarallo will be eligible for reappointment to an
additional term of two years.
"On behalf of the FAF, I am pleased to welcome Jeremy, Michael, Dev, and Frank to the PCC," said FAF Board of Trustees Chairman Charles H. Noski.
"Their diverse backgrounds and deep understanding of issues that affect
private companies will provide valuable perspectives to the PCC and the
FASB.
"With the conclusion of their terms later this year, we also thank the
departing PCC members—Jeff, Steve, and Larry—for their commitment to
helping improve financial accounting and reporting for private
companies," Noski added.
FASB Chairman Russell G. Golden
said, "On behalf of the FASB, I'm pleased to welcome the new PCC
members. We look forward to the insights they will add to our projects
in progress, and in identifying issues 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.