The Board of the Financial Accounting Foundation (FAF) announce it is seeking nominations for new members, including a new chair of the Private Company Council (PCC). The FAF Board of Trustees Appointments Committee recruits candidates with diverse backgrounds and experience to ensure a balance of perspectives across the entire organization. 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 below.
The PCC is the primary advisory body to the Financial Accounting Standards Board (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 Generally Accepted Accounting Principles (GAAP) to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB and undergo thorough due process. For more information on the role of the PCC, please see the FAF website (www.accountingfoundation.org).
The PCC may range from 9 to 12 members including the Chair, and comprises individuals with backgrounds and experience in preparing, auditing (including compiling and reviewing), and using private company financial statements. Members of the PCC demonstrate (1) a keen interest in and knowledge of financial accounting and reporting matters; (2) experience working with private companies; and (3) a commitment to improving financial reporting for users of private company financial statements. The FAF Board of Trustees has opened the nominations process for individuals with backgrounds and experience as follows:
The ideal candidates will be highly regarded within their fields of expertise and have a strong appreciation for the importance of independent standard setting for financial accounting and reporting. Candidates will be committed to the mission of the FAF, the FASB, and the PCC; demonstrate a commitment to the public interest; and have an appreciation for the varying interests and perspectives of investors, lenders, and other users of private company financial information, and the preparers and auditors of private company financial statements.
When assessing candidates for appointment to the PCC, the FAF Board of Trustees also will consider, among other factors, the following:
The PCC is expected to meet at least four times each year for two consecutive days, generally at the FASB’s offices in Norwalk, Connecticut. PCC members may also be asked to participate in roundtable meetings, as well as speak to stakeholder organizations and other interested parties.
PCC members are appointed to three-year terms, with the possibility of reappointment to an additional three-year term.
Members of the PCC serve without remuneration but will be reimbursed for out-of-pocket expenses incurred for PCC activities as they may request, provided that those expenses comply with FAF policies.
The following information is requested for each candidate for PCC membership. (Individuals are permitted to nominate themselves. Self-nominees are requested to also provide a reference.)
All materials should be submitted by February 10, 2023, to:
Financial Accounting Foundation
HR Department
Email: krobilotta@f-a-f.org
The PCC is the primary advisory body to the Financial Accounting Standards Board (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 Generally Accepted Accounting Principles (GAAP) to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB and undergo thorough due process. For more information on the role of the PCC, please see the FAF website (www.accountingfoundation.org).
The PCC may range from 9 to 12 members including the Chair, and comprises individuals with backgrounds and experience in preparing, auditing (including compiling and reviewing), and using private company financial statements. Members of the PCC demonstrate (1) a keen interest in and knowledge of financial accounting and reporting matters; (2) experience working with private companies; and (3) a commitment to improving financial reporting for users of private company financial statements. The FAF Board of Trustees has opened the nominations process for individuals with backgrounds and experience as follows:
- 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.
PCC Member Candidate Profile
The ideal candidates will be highly regarded within their fields of expertise and have a strong appreciation for the importance of independent standard setting for financial accounting and reporting. Candidates will be committed to the mission of the FAF, the FASB, and the PCC; demonstrate a commitment to the public interest; and have an appreciation for the varying interests and perspectives of investors, lenders, and other users of private company financial information, and the preparers and auditors of private company financial statements.
When assessing candidates for appointment to the PCC, the FAF Board of Trustees also will consider, among other factors, the following:
- Background and level of 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 ability to work collegially and to understand and respect conflicting viewpoints
- The ability to consider the evidence on all sides of an issue, analyze it objectively in forming a view, and clearly articulate that view
- The ability to communicate effectively
- The ability to commit the time to prepare for and attend meetings of the PCC.
Time Commitment and Other Information
The PCC is expected to meet at least four times each year for two consecutive days, generally at the FASB’s offices in Norwalk, Connecticut. PCC members may also be asked to participate in roundtable meetings, as well as speak to stakeholder organizations and other interested parties.
PCC members are appointed to three-year terms, with the possibility of reappointment to an additional three-year term.
Members of the PCC serve without remuneration but will be reimbursed for out-of-pocket expenses incurred for PCC activities as they may request, provided that those expenses comply with FAF policies.
The following information is requested for each candidate for PCC membership. (Individuals are permitted to nominate themselves. Self-nominees are requested to also provide a reference.)
- A completed nomination form
- A resume, CV, or biographical profile
- Any other background information that may be relevant to the individual’s candidacy for the PCC
- The name and contact information for a reference (in the case of a self-nominee).
All materials should be submitted by February 10, 2023, to:
Financial Accounting Foundation
HR Department
Email: krobilotta@f-a-f.org