Private Company Council (PCC) Chairman Billy Atkinson this week announced that he will not seek a second term as head of the group. As a result, the Financial Accounting Foundation (FAF) Board of Trustees issued a request for nominations for candidates to succeed Atkinson next January and to fill other potential vacancies on the Council.
The Trustees established the PCC in 2012 to aid the Financial Accounting Standards Board (FASB) in improving the process of setting accounting standards for private companies. In addition to advising FASB on its current projects, the PCC also suggests to FASB potential alternatives for private companies within Generally Accepted Accounting Principles (GAAP).
The PCC chair and members are appointed to three-year terms, with the possibility of reappointment to an additional term of two years. The initial terms of the current ten PCC members will expire on Dec. 31, 2015.
Beginning in 2016, the Trustees will establish staggered terms for some PCC members to promote continuity and an orderly rotation of members. Terms of new PCC members, including the PCC chairman, will begin on Jan. 1, 2016.
As outlined in the Three-Year Review of the PCC, the Trustees are seeking individuals to serve on the Council who have the skills, expertise, and resources necessary to advise FASB on active projects. They also must have the ability to identify potential private company alternatives in GAAP and develop and analyze alternative solutions and proposals related to those projects.
The complete instructions, including nomination form, are available here.