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.

MANAGEMENT ACCOUNTING

Developing finance leaders

A good leader recognizes that part of the job is developing the next generation of leaders. Veronica McCann, CGMA, a former division CFO at Commerzbank in Singapore, shares tips on developing future finance leaders.

PROFESSIONAL ISSUES

Belicia Cespedes: A CPA at 17

Through hard work and determination, Belicia Cespedes earned the credential before she was even eligible to vote.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.