Request for Nominations to the FAF's Private Company Council

April 1, 2016

The Trustees of the Financial Accounting Foundation (FAF) are currently seeking candidates for three upcoming member vacancies on the Private Company Council (PCC), one CPA practitioner, one financial statement preparer, and one financial statement user. The initial term for the three new member positions will commence on January 1, 2017.

The PCC is the primary advisory body to the Financial Accounting Standards Board (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 Generally Accepted Accounting Principles (GAAP) to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB and undergo thorough due process. For more information on the role of the PCC, please see the FAF website (

The PCC may range from 9 to 12 members (currently10 members), including the Chair, and comprises individuals with backgrounds and experience in preparing, auditing (including compiling and reviewing), and using private company financial statements. Members of the PCC will demonstrate (1) a keen interest in and knowledge of financial accounting and reporting matters; (2) experience working with private companies; and (3) a commitment to improving financial reporting for users of private company financial statements. More specifically, the FAF Board of Trustees is seeking nominations of individuals with backgrounds and experience as follows: Nominations are sought from all entities and individuals with an interest in private company financial reporting.

PCC Candidate Profile

The ideal candidates will be highly regarded within their fields of expertise and have a strong appreciation for the importance of independent standard setting for financial accounting and reporting. Candidates will be committed to the mission of the FAF, the FASB, and the PCC; demonstrate a commitment to the public interest; and have an appreciation for the varying interests and perspectives of investors, lenders, and other users of private company financial information, and the preparers and auditors of private company financial statements.

When assessing candidates for appointment to the PCC, the FAF Board of Trustees also will consider, among other factors, the following:

Time Commitment and Other Information

The PCC is expected to meet at least four times each year for two consecutive days, generally at the FASB's offices in Norwalk, Connecticut. PCC members may also be asked to participate in roundtable meetings, as well as speak to stakeholder organizations and other interested parties.

The PCC Chair and members are appointed to three-year terms, with the possibility of reappointment to an additional term of up to two years. The PCC conducted its inaugural meeting in December 2012, and the terms of the initial ten PCC members concluded as of December 31, 2015. Beginning in 2016, the Trustees established staggered terms for some PCC members to promote continuity and an orderly rotation of members.

Members of the PCC serve without remuneration, but will be reimbursed for out-of-pocket expenses incurred in connection with PCC activities as they may request, provided that those expenses comply with FAF policies.

The following information is requested for each candidate for PCC membership. (Individuals are permitted to nominate themselves. Self-nominees are requested to also provide a reference.) All materials should be submitted by April 30, 2016, to:

Robert Kalina, Vice President, Human Resources
Financial Accounting Foundation
401 Merritt 7; P.O. Box 5116; Norwalk, CT 06856-5116
Phone: (203) 956-5295; FAX: (203) 956-5241; Email: