News Release 11/16/21
FINANCIAL ACCOUNTING FOUNDATION NAMES PAUL HENSLEY TO THE PRIVATE COMPANY COUNCIL
Norwalk, CT—November 16, 2021—The Board of Trustees of the Financial Accounting Foundation (FAF) has appointed Paul Hensley to a three-year term on the Private Company Council (PCC). Mr. Hensley’s appointment will begin January 1, 2022 and will be eligible for reappointment in December of 2025.
Mr. Hensley is the senior vice president and chief financial officer of Holt Texas, Ltd. (HOLT CAT), a family-owned business and private company, the authorized Caterpillar dealer for North, Central and South Texas. He is also an officer of several smaller affiliated Holt entities including Holt Renewables, Holt Industrial Air Systems, and the Holt Family Office. Mr. Hensley is a licensed certified public accountant (CPA) in the state of Texas and a member of the San Antonio chapter of the Texas Society of CPAs. Mr. Hensley is also a past president of the San Antonio Chapter of Financial Executives International (FEI) where he continues to serve on the board and is the current secretary of the board of directors of the national chapter of FEI.
“We are pleased to welcome Paul Hensley to the PCC,” said Kathleen L. Casey, chair of the FAF Board of Trustees. “Paul’s background covers a wide range of industries including distribution, manufacturing, restaurants, pharmaceuticals, and waste services. His broad range of experience will be beneficial to the PCC as they advise the Financial Accounting Standards Board (FASB) on private company matters.”
“Paul Hensley’s diverse experience in a variety of industries and the different dimensions of private company financial reporting add yet another unique perspective to the PCC’s mission to advise the FASB on issues of importance to these stakeholders,” stated FASB Member Susan M. Cosper, liaison to the Private Company Council (PCC). “I look forward to working with Paul in his new role and to the valuable insights he will bring to our robust discussions with the PCC.”
The PCC, which can comprise 9 to 12 members, currently consists of 11 members from financial statement user, preparer, and practitioner backgrounds. Ms. Cosper serves as the FASB’s official liaison with the PCC and attends all PCC meetings.
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 Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.