Financial Accounting Foundation Appoints, Reappoints Members to the Private Company CouncilNorwalk, CT, August 29, 2022—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Michael Cheng and the reappointment of Holly Nelson to the Private Company Council (PCC), each for a three-year term. Both appointments are effective on January 1, 2023.
The PCC is the primary advisory body to the Financial Accounting Standards Board (FASB) on private company matters. Its 9 to 12 members are comprised of financial statement users, preparers, and practitioners who advise the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s agenda. The PCC also advises the FASB on possible alternatives within Generally Accepted Accounting Principles (GAAP) to address the needs of users of private company financial statements.
Michael Cheng is a national professional practice partner for Frazier & Deeter in Atlanta, Georgia. Prior to joining the firm, Mr. Cheng was a senior project manager with the FASB, where he worked primarily with the PCC. He will succeed Yan Zhang, chief accountant, professional practice group, EisnerAmper, LLP, on the PCC when her second and final term concludes on December 31, 2022. Mr. Cheng’s first term on the PCC concludes on December 31, 2025.
Holly Nelson is a member of the board for Silver Star Brands, Inc., located in Oshkosh, Wisconsin. Ms. Nelson began her first term on the PCC on January 1, 2020, and will conclude her second and final term on December 31, 2025.
“On behalf of the Board of Trustees, I am pleased to welcome Michael Cheng to his new role on the PCC,” said Kathleen L. Casey, chair of the FAF Board of Trustees. “Mike brings to the PCC deep knowledge and a deep commitment to high-quality private company financial reporting, obtained during his prior experience on the FASB staff and in his current role with Frazier & Deeter.”
Ms. Casey added, “We are also delighted that Holly Nelson has agreed to serve another term on the PCC, where her 15+ years of experience working with audit committees continues to add a valuable perspective to group discussions.”
“The FASB looks forward to welcoming both Mike and Holly back to the PCC,” stated FASB Member and PCC Liaison Susan M. Cosper. “Mike’s experience with Frazier & Deeter and at FASB gives him a multidimensional perspective on important financial reporting issues faced by private companies. Likewise, Holly’s extensive background in audit and finance matters, and her understanding of private and public sector corporate governance and risk management, will continue to add to our understanding of these issues. Both will provide the FASB with insights that will help us better serve those who use, prepare, and audit private company financial reports.”
More information on the PCC can be found on its website.