MORRISTOWN, N.J., Sept. 20, 2012 /PRNewswire/ -- Financial Executives International (FEI), the association of choice for CFOs and other senior-level financial executives, applauds the appointment by the Financial Accounting Foundation (FAF) yesterday of Billy Atkinson as the inaugural chair of the Private Company Council (PCC), as well as the appointment of nine additional members to the council, including FEI member George Beckwith. The decision to form the PCC was announced earlier this year by the FAF.
The appointment of an inaugural chair and members marks a historic moment for the council, which was established in May 2012 by the FAF to advise the Financial Accounting Standards Board (FASB) on whether and when to modify or make exceptions to accounting standards for private companies.
"FEI is a diverse association with about half its members from private companies," said Marie N. Hollein, president and CEO of Financial Executives International. "We therefore applaud the FAF for moving forward with the selection of the PCC members." Hollein added, "FEI, through our Committee on Private Company Standards, has called for changes to private company financial reporting for some time now, and we believe this is another step in the right direction for private companies' interests.
"We also applaud the accelerated level of actions to consider appropriate accounting for private companies being taken directly by the FASB in advance of formation of the PCC. We are hopeful that the formation of the new council will reach its objective of improving financial reporting for the users and preparers of private company financial reporting. We will follow the council's actions and offer our support through our committees as appropriate."
Additionally, Hollein said, "We are hopeful there will be some collateral benefits to public companies, as the PCC examines issues of undue complexity; we have already seen FASB take action on some issues initially raised by private companies to reduce complexity for all companies. We applaud such action by the FASB."
Financial Executives International is the leading advocate for the views of corporate financial management. Its 15,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, teleconferences and publications. Members participate in the activities of 86 chapters, 74 in the U.S., 11 in Canada and 1 in Japan. FEI is headquartered in Morristown, N.J., with additional offices in Washington, D.C., and Toronto. Visit www.financialexecutives.org for more information.
SOURCE Financial Executives International