Less than two weeks remain to nominate candidates to serve on the new Private Company Council (PCC) that will identify and vote on differences in U.S. GAAP for private companies.
The Financial Accounting Foundation (FAF) board of trustees, which will oversee the PCC, is forming the new council and has set a June 30 deadline for nominations. PCC members will include individuals with experience in preparing, auditing, and using private company financial statements.
FAF is seeking nominations for PCC members and a chair for the council from users and preparers of private company financial statements, as well as CPA practitioners from national, regional, and local firms.
GAAP differences approved by the PCC will be subject to endorsement by FASB. The PCC is expected to meet at least five times a year, with additional meetings held when deemed necessary by the PCC chair. The council will have nine to 12 members, including a chair.
Nominees must complete a nomination form and submit a resume, CV, or biographical profile. Self-nominees must include the name and contact information for a reference. Instructions and the nomination form are available at FAF’s website.
— Ken Tysiac ( firstname.lastname@example.org ) is a JofA senior editor.