The Financial Accounting Standards Board appointed Judith H. O’Dell, CPA, as chair of the standard-setter’s newly formed Private Company Financial Reporting Committee.
FASB said the new group is part of the ongoing initiative between itself and the American Institute of CPAs to examine the need for differential reporting standards for private companies.
O’Dell’s committee will be charged with providing recommendations as FASB sets accounting standards for privately held enterprises. The first meeting is expected in the spring of 2007, with subsequent ones held on a quarterly basis.
Over the next several months, O’Dell will be seeking nominees for committee members.
O’Dell previously served both at FASB and the AICPA. For five years she was a trustee of the Financial Accounting Foundation, which oversees both FASB and the Governmental Accounting Standards Board. She also chaired the FAF Audit Committee and was a member of its Finance and Executive Committees.
