News Release 08/18/15
FAF APPOINTS NEW PRIVATE COMPANY COUNCIL CHAIR
AND THREE NEW PCC MEMBERS; SIX PCC MEMBERS REAPPOINTED
Norwalk, CT—August 18, 2015—The Board of Trustees of the Financial Accounting Foundation (FAF) today appointed a new chair and three new members of the Private Company Council (PCC) to three-year terms that begin on January 1, 2016. Six PCC members were reappointed.
Named as incoming PCC chair was Candace E. Wright, who serves as a director with Postlethwaite & Netterville, a Louisiana-based accounting and business advisory firm. Ms. Wright will succeed Billy M. Atkinson, whose term will conclude on December 31, 2015.
With more than 30 years of experience in the accounting profession, Ms. Wright is the service line leader for Postlethwaite & Netterville’s Assurance Services Group and the firm’s quality control director. She also leads the firm’s Financial Institutions industry group and Peer Review Services.
Ms. Wright serves as a member of the Small Business Advisory Committee, which advises the Financial Accounting Standards Board (FASB) on financial accounting and reporting issues that impact small businesses. She also is a member of the Practice Monitoring of the Future Task Force of the American Institute of CPAs (AICPA), and the Society of Louisiana CPA’s Financial Institutions Committee. Previously, Ms. Wright 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 J. 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.”
Other new members appointed to the Council were:
- 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 Company
- Harold L. Monk Jr. (practitioner)—partner of Carr, Riggs & Ingram LLC
Following completion of their initial three-year terms, Ms. Wright, Mr. Curt, Mr. Lomax, and Mr. Monk will be eligible for reappointment to an additional term of two years.
Six current PCC members were reappointed:
- George Beckwith (preparer), Thomas Groskopf (practitioner), and Carleton Olmanson (user) were reappointed to the PCC for a one-year term, concluding on December 31, 2016.
- Steven Brown (user), Jeffery Bryan (practitioner), and Lawrence Weinstock (preparer) were reappointed to the PCC for a two-year term, concluding on December 31, 2017.
“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,” Lawhon added.
FASB member Daryl E. Buck, who was reappointed to the FASB on July 1, 2015, will continue to serve as the FASB liaison to the PCC.
More information on the PCC can be found on its website.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Private Company Council (PCC)
The PCC determines alternatives to existing nongovernmental GAAP to address the needs of users of private company financial statements, based on criteria mutually agreed upon by the PCC and the FASB. Before being incorporated into GAAP, PCC recommendations will be subject to a FASB endorsement process. The PCC also serves as the primary advisory body to the FASB on the appropriate treatment for private companies for items under active consideration on the FASB’s technical agenda. For more information, visit www.fasb.org/pcc.