Media Advisory 08/24/21

Financial Accounting Foundation Trustees Reappoint Chair, Name New Member to Private Company Council

Norwalk, CT—August 24, 2021—The Board of Trustees of the Financial Accounting Foundation (FAF) today reappointed Candace Wright for a third, two-year term as chair of the Private Company Council (PCC). The Trustees also named new member David Pesce to a three-year term on the PCC. Both terms begin on January 1, 2022.

Ms. Wright is a director with Postlethwaite & Netterville, a Louisiana-based accounting and business advisory firm. Since becoming PCC Chair in 2016, she has steered the group in its mission to advise the Financial Accounting Standards Board (FASB) on issues of importance to private company stakeholders, including accounting for implementation of leases and revenue recognition guidance, share-based payments, government grants, goodwill and intangibles, and pandemic-related financial reporting challenges.

“For the past five plus years, Candy Wright has led the PCC with distinction, demonstrating a deep commitment to its mission and its partnership with the FASB,” said Kathleen L. Casey, Chair of the FAF Board of Trustees. “I am pleased that she has agreed to continue in this critical role for an additional two-year term.”

David Pesce brings more than 35 years of financial reporting experience to the PCC. He is head of surety for Munich Re Specialty Insurance in New York. David currently holds the Certified Construction Industry Financial Professional designation and is an officer of the Construction Financial Management Association’s Certification Board. He is a frequent speaker on surety issues related to the construction industry.

“We are pleased to welcome Mr. Pesce to the PCC,” said Ms. Casey. “He brings unique experience in the surety and construction industries, and we look forward to his contributions to the group’s discussions with the FASB.”

FASB Member and PCC Liaison Susan M. Cosper added, “On behalf of the FASB, I congratulate both Candy Wright and David Pesce on their respective appointments to the PCC. Under Candy’s continued leadership, and with the addition of David’s perspectives, the PCC will continue to provide important feedback to the FASB as we strive for standards that meet the needs of our private company stakeholders.”

The PCC currently consists of 11 members from financial statement user, preparer, and practitioner backgrounds. More information about the PCC can be found on its web page.