The Financial Accounting Foundation has named Candace Wright as the next chair of the Private Company Council.

Wright, a director with Top 100 Firm Postlethwaite & Netterville, will succeed the founding chair, Billy Atkinson, when his term ends on Dec. 31, 2015, and serve a three-year term. The PCC determines alternatives to existing nongovernmental GAAP to address the needs of users of private company financial statements.

In addition to serving as service line leader for P&N’s Assurance Services Group and as the firm’s quality control director, she leads its Financial Institutions Industry Group and peer review services.

She also serves as a member of the Small Business Advisory Committee, which advises the Financial Accounting Standards Board on financial accounting and reporting issues that impact small businesses, and as a member of the Practice Monitoring of the Future Task Force of the American Institute of CPAs, and the Society of Louisiana CPA’s Financial Institutions Committee. Previously, she served as the chair of the AICPA Technical Issues Committee, and as a member of the Governmental Audit Quality Center’s Executive Committee.

“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 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.”

Three new members were appointed to the council, and six members were re-appointed.

The other new members are:

  • Timothy J. Curt (preparer) — managing director and partner of Warburg Pincus LLC.
  • David S. Lomax (user)—assistant vice president and underwriting officer of Liberty Mutual Insurance Co.
  • Harold L. Monk Jr. (practitioner)—partner of Top 100 Firm Carr, Riggs & Ingram LLC.

They will succeed current PCC members Mark Ellis, Neville Grusd, and Diane Rubin, whose terms end on Dec. 31, 2015.
The six current PCC members who were re-appointed are:

  • George Beckwith (preparer), Thomas Groskopf (practitioner), and Carleton Olmanson (user), for one-year terms concluding on Dec. 31, 2016.
  • Steven Brown (user), Jeffery Bryan (practitioner), and Lawrence Weinstock (preparer), for two-year terms, concluding on Dec. 31, 2017.

“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. 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.”
FASB member Daryl Buck, who was re-appointed to the FASB on July 1, 2015, will continue to serve as the FASB liaison to the PCC.

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