News Release 08/22/17

FINANCIAL ACCOUNTING FOUNDATION APPOINTS
FOUR NEW PRIVATE COMPANY COUNCIL MEMBERS


Norwalk, CT—August 22, 2017—The Board of Trustees of the Financial Accounting Foundation (FAF) today appointed four new members of the Private Company Council (PCC) to three-year terms that begin on January 1, 2018.

New members appointed to the Council are:
  • Jeremy Dillard (practitioner)—partner with Singer Lewak, LLP
  • Michael Minnis (user)—associate professor at the University of Chicago Booth School of Business
  • Dev Strischek (user)—retired senior vice president and senior credit policy officer, corporate risk management at SunTrust Banks, Inc.
  • Frank Tarallo (preparer)—chief executive officer at Theragenics Corporation.
Mr. Dillard, Mr. Strischek, and Mr. Tarallo will succeed current PCC members Jeff Bryan (practitioner), Steve Brown (user), and Larry Weinstock (preparer). Messrs. Bryan, Brown, and Weinstock’s terms conclude on December 31, 2017.

The PCC, which can comprise 9 to 12 members, currently consists of 10 members from financial statement user (3 members), preparer (3 members), and practitioner (4 members) backgrounds. With the addition of Mr. Minnis, whose research focuses primarily on the capital market impacts of private company financial statements, the number of financial statement users on the PCC increases to 4, and the total number of PCC members increases to 11.

Following completion of their initial three-year terms, Messrs. Dillard, Minnis, Strischek, and Tarallo will be eligible for reappointment to an additional term of two years.

“On behalf of the FAF, I am pleased to welcome Jeremy, Michael, Dev, and Frank to the PCC,” said FAF Board of Trustees Chairman Charles H. Noski. “Their diverse backgrounds and deep understanding of issues that affect private companies will provide valuable perspectives to the PCC and the FASB.

“With the conclusion of their terms later this year, we also thank the departing PCC members—Jeff, Steve, and Larry—for their commitment to helping improve financial accounting and reporting for private companies,” Noski added.

FASB Chairman Russell G. Golden said, “On behalf of the FASB, I’m pleased to welcome the new PCC members. We look forward to the insights they will add to our projects in progress, and in identifying issues facing users, preparers, and auditors of private company financial statements.”

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 Private Company Council (PCC)


The PCC is the primary advisory body to the FASB on private company matters. The PCC uses the Private Company Decision-Making Framework to advise the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s technical agenda. The PCC also advises the FASB on possible alternatives within GAAP to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB. For more information, visit www.fasb.org/pcc.