The Private Company Financial Reporting Committee announced its inaugural members on Tuesday.

The committee is charged with providing recommendations to the Financial Accounting Standards Board concerning whether -- and where -- there should be differences in prospective and existing accounting standards for private companies.

The committee is part of a joint initiative between FASB and the American Institute of CPAs and, at a macro level, is charged with finding ways for the board to improve its current standard-setting process to better meet the needs of private companies and the users of their financial statements.

In December, financial reporting expert Judith O'Dell was appointed as the committee’s chairwoman. O’Dell has broad experience dealing with accounting issues central to private companies, and, along with serving as president of O'Dell Valuation Consulting LLC CPAs, is also the principal and chief financial officer of a family-owned enterprise engaged in real-estate development, construction, and a hotel and restaurant business.

The committee’s inaugural members -- four CPA practitioners, four financial statement preparers and four users of private company financial statements -- include:

  • Carl Bagge, a partner with Bagge, Cennamo & Co. LLP;
  • Kathy Barry, chief financial officer for Highland Capital Partners;
  • Charles Bramley, a partner with Briggs Bunting & Dougherty;
  • Daryl Buck, vice president and chief financial officer of Reasor's Inc.;
  • Michael Cain, senior executive vice president at Frost Bank;
  • H. Marco Kichler, controller for Putnam Precision Products Inc.;
  • Mary Ann Lawrence, senior vice president at Key Corp.;
  • David Lomax, area underwriting manager for Liberty Mutual Surety;
  • Jerry Murphy, chief financial officer for Todd and Sargent Inc.;
  • Judd Rabb, vice president and chief financial officer of Coldwatt Inc;
  • Tom Ratcliffe, director of Accounting and Auditing for Wilson Price; and,
  • Carisa Wisniewski, a partner with Moss Adams LLP.

All appointments are for a one-year term beginning immediately and members are eligible to serve three terms. The committee will hold its first public meeting on May 10 in Chicago.Further information and meeting updates will be available at www.pcfr.org.

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