Smith, CFO of Phonon Corp. in Connecticut, and James
Stevenson, CFO of ABS Capital Partners in Maryland,
were named to the Private Company Financial Reporting
Smith has expertise as a preparer
of financial statements and Stevenson as a reviewer.
Sponsored by FASB, with additional
administrative support from the AICPA, the PCFRC
represents nonpublic business entities and focuses on
the costs and benefits of standard setting on
technical activities and procedures. The committee is
part of an effort by FASB and the AICPA to improve the
standard-setting process to better meet the needs of
privately held enterprises and the users of their
Smith and Stevenson
succeeded Kathy Barry and H. Marco Kichler, who
completed their terms.