Candace Wright, who serves as a director with Louisiana CPA firm Postlethwaite & Netterville, was appointed chair of the Private Company Council (PCC).
The board of trustees of the Financial Accounting Foundation (FAF) also appointed three other new members and reappointed six current PCC members.
Wright has more than 30 years of experience in the accounting profession and is the service line leader for Postlethwaite & Netterville's Assurance Services Group. She also is the firm's quality-control director and leads the firm's financial institutions industry group and peer review services.
She will succeed Billy Atkinson, the PCC's inaugural chair, whose term concludes Dec. 31. FAF established the PCC in 2012 to improve the process of setting accounting standards for private companies. The PCC is charged with reviewing and proposing possible alternatives to GAAP for private companies when such alternatives are warranted. The PCC also serves as the primary advisory body to FASB on the appropriate treatment for private companies for items on FASB's agenda.
Under Atkinson, the PCC has sparked the development of four GAAP alternatives for private companies, tackling accounting for intangible assets in a business combination; applying variable-interest entity guidance to common-control leasing arrangements; accounting for goodwill; and creating a simplified hedge accounting approach to accounting for certain interest-rate swaps.
Also appointed to the PCC were Timothy Curt, managing director and partner of Warburg Pincus LLC; David Lomax, assistant vice president and underwriting officer of Liberty Mutual Insurance Co.; and Harold Monk Jr., partner of Carr, Riggs & Ingram LLC.
The new members will replace current PCC members Mark Ellis, Neville Grusd, and Diane Rubin, whose terms end Dec. 31. FASB member Daryl Buck will continue to serve as FASB's liaison to the PCC.