Financial Accounting Foundation Seeks Nominations for Private Company Council

Norwalk, CT—March 11, 2022—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it is seeking nominations for new members to join the Private Company Council (PCC) that advises the Financial Accounting Standards Board (FASB).

The FAF Board of Trustees Appointments Committee recruits candidates with diverse backgrounds and experience to ensure a balance of perspectives across the entire organization. Below are brief profiles for the available positions.

All nominations must be received by the close of business on April 15, 2022. Interested parties can find instructions on how to apply and a PCC member profile on the organization’s website.

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.

Ideal PCC member candidates possess a:

• Background and high-level experience in private company financial accounting and reporting
• History of interest and participation in financial reporting matters or standard-setting activities
• Current technical understanding of financial accounting and reporting.

The Appointments Committee is seeking individuals for the PCC with backgrounds and experience as follows:

• Users of private company financial statements, including bank lenders, venture capital investors, and/or other private equity investors
• CPA practitioners from national, regional, and local firms.

Nominations are due by April 15, 2022. For more information on the FAF's nomination process, visit the FAF 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 .