MEDIA ADVISORY 01/04/23
Financial Accounting Foundation Seeks Nominations for Private Company Council Chair and MembersNorwalk, CT, January 4, 2023—The Board of the Financial Accounting Foundation (FAF) today announced it is seeking nominations for a new chair, as well as several new members of Private Company Council (PCC). The PCC advises the Financial Accounting Standards Board (FASB). New member terms will be for three years beginning January 1, 2024.
The FAF Board of Trustees Appointments Committee seeks to recruit 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 February 10, 2023. Interested parties can find instructions on how to apply along with PCC member and PCC chair profiles 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 with in Generally Accepted Accounting Principles (GAAP) to address the needs of users of private company financial statements.
Ideal PCC member candidates possess:
- A keen interest in and knowledge of financial accounting and reporting matters
- Experience working with private companies
- A commitment to improving financial reporting for users of private company financial statements.
- Users of private company financial statements, including bank lenders, venture capital investors, and/or other private equity investors (term may start in 2023)
- CPA practitioners from national, regional, and local firms
- Academics with expertise in private company financial reporting.
- A proven record of diplomatic leadership as evidenced by exceptional communication skills and ability to understand, respect, and facilitate constructive discussion of conflicting viewpoints
- A track record of building constructive relationships with stakeholders of private company financial reporting
- Availability of time to carry out chair’s responsibilities
- Prior experience serving in leadership roles such as on board of directors or board committees.