NEWS RELEASE 02/26/10

AICPA/FAF/NASBA Announce Members of “Blue-Ribbon Panel” to Address Standards for Private Companies


Norwalk, CT, February 26, 2010—The American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy (NASBA) today announced the members of the new “blue-ribbon panel” established to address how U.S. accounting standards can best meet the needs of users of private company financial statements.

Members of the panel represent a cross section of private company financial reporting constituencies, including lenders, investors, and owners as well as preparers and auditors. After its comprehensive review of issues affecting the current system of standard setting for private companies in the United States, the panel will issue a report containing its recommendations to the FAF Board of Trustees in approximately one year.

As announced last month, the committee will be chaired by Rick Anderson, chairman of Moss Adams, LLP, who is also a current member of the FAF Board of Trustees and the AICPA. The panel members are:

Rick Anderson
Chairman, Moss Adams, LLP

William Knese
VP, Finance and Administration, Angus Industries

Michael Menzies
CEO, Easton Bank and Trust Company

Billy Atkinson
Board Chair, NASBA

Kewsong Lee
Managing Director, Warburg Pincus

David Morgan
Partner, Lattimore, Black, Morgan and Cain PC

Daryl Buck
Senior VP and CFO, Reasor’s Holding Company, Inc.

Paul Limbert
CEO, WesBanco, Inc.

 

Terri Polley
President, FAF

Steve Feilmeier
CFO, Koch Industries

Krista McMasters
CEO, Clifton Gunderson

Dev Strischek
Senior VP, Corporate Risk Management, SunTrust Banks, Inc.

Hubert Glover
Co-founder and President, REDE, Inc.

Barry Melancon
President and CEO, AICPA

Mark Vonnahme
Executive VP, Surety, Arch Insurance Group

David Hirschmann
President and CEO, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce

Jason Mendelson
Co-founder, Foundry Group

Teri Yohn
Associate Professor, Indiana University


The members will be joined by several participating observers, including representatives of the U.S. Federal Financial Institution Regulatory Agencies Group and the U.S. Small Business Administration.

“Our blue-ribbon panel members represent a broad range of constituencies who share a keen interest in private company financial reporting,” stated Mr. Anderson. “The members we have assembled all possess experience and expertise in this area, and their participation will undoubtedly result in productive, insightful recommendations to the FAF Board of Trustees regarding this important issue.”


Media Contacts:

FAF - Neal E. McGarity, 203-956-5347, nemcgarity@f-a-f.org; Christine L. Klimek, 203-956-3459, clklimek@f-a-f.org.

AICPA - William Roberts, 202-434-9266, wroberts@aicpa.org; Joel Allegretti, 212-596-6111, jallegretti@aicpa.org. Media representatives are invited to visit the AICPA Online Media Center at http://www.aicpa.org/MediaCenter.

NASBA - Tom Kenny, 615-880-4237, tkenny@nasba.org.


About the AICPA

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with more than 360,000 members, including CPAs in business and industry, public practice, government, and education. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and not-for-profit organizations. It develops and grades the Uniform CPA Examination.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, Ewing, NJ, and Lewisville, TX.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (www.fasb.org) and its counterpart for state and local government, the Governmental Accounting Standards Board (www.gasb.org).

The FASB is the designated organization in the private sector for establishing standards of financial accounting and reporting for nongovernmental entities in the United States. The GASB establishes and improves financial accounting and reporting standards for state and local governments. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

The FAF is based in Norwalk, CT.

About NASBA

The National Association of State Boards of Accountancy (www.nasba.org) is the membership organization for the 55 boards of accountancy (50 states, Puerto Rico, Virgin Islands, Washington DC, Guam, and Commonwealth of the Northern Mariana Islands). NASBA’s mission is to enhance the effectiveness of state boards of accountancy through programs that preserve the public trust and confidence in the CPA license, ensure that the integrity, objectivity, and independence of CPAs are not compromised and foster compliance with ethical and professional standards.

NASBA is headquartered in Nashville, TN and maintains a northeast office in New York, NY.