NEWS RELEASE 05/12/23
Financial Accounting Foundation Appoints Private Company Council Chair and Member
Norwalk, CT, May 12, 2023—The Financial Accounting Foundation (FAF) today announced two new appointments to the Private Company Council (PCC). Jere G. Shawver, will serve as the new chair, and David Hoagland will serve as a member. Mr. Shawver’s term as chair will begin January 1, 2024, and end three years later, on December 31, 2026, when he will be eligible for consideration for reappointment. Mr. Hoagland’s term as a member of the PCC will begin immediately and extend to December 31, 2026, when he will be eligible to be considered for reappointment to a second, standard-length term of three years.
Mr. Shawver will succeed Candace Wright, a director with Postlethwaite & Netterville, a Louisiana-based accounting and business advisory firm, who served in this role for several terms beginning January 1, 2016, and whose term will be completed December 31, 2023.
Shawver serves as the Managing Partner – Assurance and Risk for Baker Tilly, where he is responsible for managing the assurance practice and risk management, which includes the Office of General Counsel. He has over 40 years of experience advising companies on financial reporting, accounting, and business matters across a wide range of industries including, manufacturing and distribution, construction and real estate, higher education, hospitality, government contracting, and technology. He was a member of the AICPA’s Auditing Standards Board from 2015-2019 and served as the chairman of the AICPA’s Professional Liability Insurance Committee from 2014-2019 and is a Certified Public Accountant (CPA) licensed in Virginia.
New PCC Member Hoagland succeeds Zubin Avari of Charter Oak Equity, based in Connecticut, whose term ended December 31. 2022. Mr. Hoagland is an executive credit officer – Commercial Real Estate, Community Development Corporation, and Housing Capital Corporation for U.S. Bank. He brings over 30 years of knowledge to the Council with extensive experience as a user of private company financial statements, including statements from private company borrowers and from borrower’s private company tenants. He received his Bachelor of Science in Finance from Virginia Tech.
“We look forward to the perspectives that will be brought to the PCC by both of these individuals,” said Edward C. Bernard, chair of the FAF Board of Trustees. “I am pleased to welcome them to the Council, and the valuable insight they will contribute to the discussions with the FASB.”
FASB Member and PCC Liaison Susan M. Cosper added “The FASB is grateful to Candy for her ardent belief in the work of the PCC and for her commitment and service to the standard-setting process. She has given generously of her time for almost a decade, and we thank her for sharing her insights and providing us with her guidance and keen judgment.”
The PCC advises 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.
The PCC currently consists of 12 members from financial statement user, preparer, academic, and practitioner backgrounds. More information about the PCC can be found on its web page.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is an independent, private-sector, not-for-profit organization based in Norwalk, Connecticut. Its Board of Trustees is 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 (collectively, “the Boards”) 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. Both Boards set high-quality standards through a process that is robust, comprehensive, and inclusive. The FASB is responsible for standards for public and private companies and not-for-profit organizations, whereas the GASB is responsible for standards for state and local governments.
The Foundation’s Board of Trustees comprises 14–18 members from varied backgrounds—users, preparers, and auditors of financial reports; state and local government officials; academics; and regulators. The Trustees direct the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their complementary missions; select and appoint FASB and GASB members and their advisory councils; oversee the Boards’ activities and due process; and promote and protect the independence of the Boards. For more information, visit www.accountingfoundation.org.
About the Financial Accounting Standards Board (FASB)
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.