Request for Nominations
to the FAF’s Private Company Council

April 8, 2015

The Trustees of the Financial Accounting Foundation (FAF) currently are seeking candidates for chairman and other member vacancies of the Private Company Council (PCC). The PCC determines whether alternatives to existing nongovernmental Generally Accepted Accounting Principles (GAAP) are required to address the needs of users of private company financial statements, based on criteria mutually agreed to by the PCC and the Financial Accounting Standards Board (FASB) (that is, the Private Company Decision-Making Framework). Any proposed changes to existing GAAP are subject to endorsement by the FASB and undergo thorough due process. The PCC also serves as the primary advisory body to the FASB on the appropriate treatment for private companies for items under active consideration on the FASB’s technical agenda. For more information on the role of the PCC, please see the FAF website.

The PCC may range from 9 to 12 members, including the chairman, and comprises individuals with backgrounds and experience in preparing, auditing (including compiling and reviewing), and using private company financial statements. Members of the PCC, including the chairman, will demonstrate (1) a keen interest in and knowledge of financial accounting and reporting matters; (2) experience working with private companies; and (3) a commitment to improving financial reporting for users of private company financial statements. More specifically, the FAF Board of Trustees is seeking nominations of individuals with backgrounds and experience as follows:
  • Users of private company financial statements, including bank lenders, equity investors, and/or sureties
  • Preparers of private company financial statements from a variety of industries and companies of various sizes
  • CPA practitioners from national, regional, and local firms.
Nominations are sought from all entities and individuals with an interest in private company financial reporting.

PCC Candidate Profile

The ideal candidates will be highly regarded within their fields of expertise and have a strong appreciation for the importance of independent standard setting for financial accounting and reporting. Candidates will be committed to the mission of the FAF, the FASB, and the PCC; demonstrate a concern for the public interest; and have an appreciation for the varying interests and perspectives of investors, lenders, and other users of private company financial statements, and the preparers and auditors of private company financial reports.

When assessing candidates for appointment to the PCC, the FAF Board of Trustees also will consider, among other factors, the following:
  • Background and level of experience in private company financial accounting and reporting
  • History of interest and participation in financial reporting matters or standard setting activities
  • The ability to work collegially and to understand and respect conflicting viewpoints
  • The ability to consider the evidence on all sides of an issue and analyze it objectively when forming a view
  • The ability to communicate effectively.
Candidates must demonstrate the ability to commit the time to prepare for and attend meetings of the PCC. (See “Time Commitment and Other Information” below.)

PCC Chairman Profile

The PCC chairman has the leadership role in carrying out the mission of the PCC. In addition to the qualities described above that apply to all PCC members, when assessing candidates to serve as chairman of the PCC, the FAF Board of Trustees will consider, among other factors, the following:
  • The ability to build, maintain, and strengthen constructive relationships with stakeholders of private company financial reporting
  • The ability to execute and modify, when necessary, the PCC’s agenda
  • The ability to guide discussions at PCC meetings to ensure an effective and timely communication of views and conclusions reached by the PCC
  • Availability of time to carry out the chairman’s responsibilities
  • Prior experience serving in leadership roles such as on boards of directors or board committees.

Time Commitment and Other Information

The PCC is expected to meet approximately five times per year, generally at the FASB’s offices in Norwalk, Connecticut.

The PCC chairman 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 December 31, 2015. Beginning in 2016, the Trustees will establish staggered terms for some PCC members to promote continuity and an orderly rotation of members.

Members of the PCC serve without remuneration, but will be reimbursed for actual out-of-pocket expenses incurred in connection with PCC activities as they may request, provided that those expenses comply with FAF policies.

The following information is requested for each candidate for PCC membership and/or chairman. (Individuals are permitted to nominate themselves. Self-nominees are requested to also provide a reference.)
  • A completed nomination form
  • A resume, CV, or biographical profile
  • Any other background information that may be relevant to the individual’s candidacy for the PCC
  • The name and contact information for a reference (in the case of a self-nominee).
All materials should be submitted by May 8, 2015, to:

Robert Kalina, Vice President, Human Resources
Financial Accounting Foundation
401 Merritt 7; P.O. Box 5116; Norwalk, CT 06856-5116
Phone: (203) 956-5295; FAX: (203) 956-5241; Email: PCCNominations@f-a-f.org