Financial Accounting Foundation Reappoints Private Company Council Chair, Two Members
Norwalk, CT — August 21, 2018 — The Board of Trustees of the Financial Accounting Foundation (FAF) today reappointed Candace E. Wright as the chair of the Private Company Council
(PCC) for a three-year term. Current PCC members Timothy J. Curt and
David S. Lomax were also reappointed for two-year terms. All three
appointments are effective on January 1, 2019.
Candace E. Wright serves as a director with Postlethwaite &
Netterville, a Louisiana-based accounting and business advisory firm.
She began her term as PCC chair on January 1, 2016, and her second term
will conclude on December 31, 2021.
Timothy J. Curt is a managing director of Warburg Pincus LLC. He began
his term on January 1, 2016, and his second and final term will conclude
on December 31, 2020.
David S. Lomax is an assistant vice president and underwriting officer
of Liberty Mutual Insurance Company. He joined the PCC on January 1,
2016, and his second and final term will conclude on December 31, 2020.
"On behalf of the FAF Board of Trustees, I am very pleased that Candy
will continue as PCC chair," said Charles H. Noski, chairman of the FAF
Board of Trustees. "She has played a key role in leading the PCC as it
identifies and advises the FASB on important financial accounting and
reporting issues that concern private companies."
Added Noski, "We are also pleased that Tim and David are continuing
their terms as PCC members. Their diverse perspectives and insights have
guided the FASB as it addresses issues facing users, preparers, and
auditors of private company financial statements."
The PCC, which can comprise 9 to 12 members, currently consists of 11 members from financial statement user (4 members), preparer (3 members), and practitioner (4 members) backgrounds.
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.