FAF APPOINTS NEW PRIVATE COMPANY COUNCIL CHAIR
AND THREE NEW PCC MEMBERS;
SIX PCC MEMBERS REAPPOINTED
Norwalk, CT—August 18,
2015—The Board of Trustees of the Financial Accounting Foundation (FAF)
today appointed a new chair and three new members of the Private Company Council (PCC) to three-year terms that begin
on January 1, 2016. Six PCC members were reappointed.
Named as incoming
PCC chair was Candace E. Wright, who serves as a director with Postlethwaite
& Netterville, a Louisiana-based accounting and business advisory firm. Ms.
Wright will succeed Billy M. Atkinson, whose term will conclude on December 31,
With more than 30 years of experience in the accounting profession,
Ms. Wright is the service line leader for Postlethwaite & Netterville’s
Assurance Services Group and the firm’s quality control director. She also leads
the firm’s Financial Institutions industry group and Peer Review Services.
Ms. Wright serves as a member of the Small Business Advisory Committee, which advises the
Financial Accounting Standards Board (FASB) on financial accounting and
reporting issues that impact small businesses. She also is a member of the
Practice Monitoring of the Future Task Force of the American Institute of CPAs
(AICPA), and the Society of Louisiana CPA’s Financial Institutions Committee.
Previously, Ms. Wright served as the chair of the AICPA Technical Issues
Committee, and as a member of the Governmental Audit Quality Center’s Executive
“Candace Wright is a dynamic leader who will bring to the PCC
a deep understanding of the accounting issues that affect private companies
across a broad range of industry sectors,” said Jeffrey J. Diermeier, chairman
of the FAF Board of Trustees. “Her experience on the
SBAC will lend valuable insight to the PCC as it works with the FASB to address
these issues, especially those that affect smaller private companies.”
Other new members appointed to the Council were:
The three new members will replace current PCC members Mark Ellis
(preparer), Neville Grusd (user), and Diane Rubin (practitioner), whose terms
end on December 31, 2015.
- Timothy J. Curt (preparer)—managing director and partner of Warburg Pincus
- David S. Lomax (user)—assistant vice president and underwriting officer of
Liberty Mutual Insurance Company
- Harold L. Monk Jr. (practitioner)—partner of Carr, Riggs & Ingram
Following completion of their initial
three-year terms, Ms. Wright, Mr. Curt, Mr. Lomax, and Mr. Monk will be eligible
for reappointment to an additional term of two years.
Six current PCC
members were reappointed:
“On behalf of the FAF, I am pleased to welcome our
newest PCC members,” said FAF Trustee W.M. (Mack) Lawhon, who chairs the
Trustees’ Private Company Review Committee. “Their diverse backgrounds will
provide valuable perspectives to the PCC and the FASB.
- George Beckwith (preparer), Thomas Groskopf (practitioner), and Carleton
Olmanson (user) were reappointed to the PCC for a one-year term, concluding on
December 31, 2016.
- Steven Brown (user), Jeffery Bryan (practitioner), and Lawrence Weinstock
(preparer) were reappointed to the PCC for a two-year term, concluding on
December 31, 2017.
“We also thank
the departing PCC members—Billy, Mark, Neville, and Diane, for their commitment
of time and resources to helping improve financial accounting and reporting for
private companies,” Lawhon added.
FASB member Daryl E. Buck, who was
reappointed to the FASB on July 1, 2015, will continue to serve as the FASB
liaison to the PCC.
More information on the PCC can be found on its website.
About the Financial
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 http://www.accountingfoundation.org/.
the Private Company Council (PCC)
The PCC determines
alternatives to existing nongovernmental GAAP to address the needs of users of
private company financial statements, based on criteria mutually agreed upon by
the PCC and the FASB. Before being incorporated into GAAP, PCC recommendations
will be subject to a FASB endorsement process. The PCC also serves as the
primary advisory body to the FASB on the appropriate treatment for private
companies for items under active consideration on the FASB’s technical agenda.
For more information, visit www.fasb.org/pcc.