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Smith, Stevenson Named to PCFRC

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James K. 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 Committee.

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 financial statements.

Smith and Stevenson succeeded Kathy Barry and H. Marco Kichler, who completed their terms.