Deadline approaching for Private Company Council nominations

BY KEN TYSIAC

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 ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Time to prepare for overtime changes

As an employer, trusted business adviser, or HR professional, you will need to be aware of exemption guidance, record requirements, advice for clients, and typical problems in applying overtime pay.

QUIZ

News quiz: Good news on pay and benefits for accountants

CPAs can find much to like in recent reports, including news that their expertise and skills are in such demand that pay is expected to rise and that their employers value professional certifications.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.