FAF issues last call for PCC nominees

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The trustees of the Financial Accounting Foundation are looking to fill three slots on the Private Company Council.

The open positions on the council, which advises the Financial Accounting Standards Board on issues related to private companies, include spots for a CPA practitioner from a local, regional or national firm, a financial statement preparer, and a financial statement user.

The initial term for each new member would start on Jan. 1, 2018; terms last three years.

The PCC advises FASB on the appropriate accounting treatment for private companies for items on the board’s technical agenda, as well as on possible alternatives within GAAP that might better fit the needs of users of private company financial statements.

Though it currently has 10 members, the council can range from nine to 12 members, including the chair. According to the FAF, potential council members will demonstrate a keen interest in and knowledge of financial accounting and reporting matters; experience working with private companies; and a commitment to improving financial reporting for users of private company financial statements.”

“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,” the foundation stated in its call for nominees. “Candidates will … 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.”

Members are expected to meet at least four times a year for two days at FASB’s Norwalk, Conn., offices, and may be asked to attend roundtable meeting and speak to stakeholder organizations and other interested groups.

Nominees must submit a completed nomination form; a resume, CV, or biographical profile; and any other background information that may be relevant to the individual’s candidacy for the PCC. In addition, self-nominees should include the name and contact information of a reference.

Candidate materials should be submitted by April 24, 2017, by e-mail to PCCNominations@f-a-f.org, or by mail to:

Kim Howard, vice president of HR
Financial Accounting Foundation
401 Merritt 7; P.O. Box 5116; Norwalk, CT 06856-5116
Phone: (203) 956-5210; FAX: (203) 956-5241

The FAF expects to interview selected candidates on May 15.

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Accounting standards Financial reporting Financial Accounting Foundation FASB Private Company Council