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:
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
- 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
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.