AICPA's Private Company Financial Reporting Committee Announces Membership

The AICPA's Private Company Financial Reporting (PCFRC) Committee recently announced its founding membership.

The committee is part of a broad initiative by the Financial Accounting Standards Board (FASB) and the AICPA to further improve FASB's current standard-setting process to better meet the financial reporting needs of private companies and the users of their financial statements. The primary objective of the committee will be to provide recommendations to FASB that will help the board determine whether and where there should be specific differences in prospective and existing accounting standards for private companies.

The announcement follows the December 2006 appointment of Judith O’Dell as chair of the PCFRC. A financial reporting expert with broad experience dealing with accounting issues central to private companies, O’Dell is president of O'Dell Valuation Consulting, LLC, CPAs, and principal and chief financial officer of a family-owned enterprise engaged in real-estate development, construction and a hotel and restaurant business.

The committee will consist of four CPA practitioners, four financial statement preparers and four users of private company financial statements. The founding members of the PCFRC are:

Judith H. O’Dell President O’Dell Valuation Consulting, LLC	Mary Ann Lawrence Senior Vice President Key Corporation

Carl Bagge Partner Bagge, Cennamo & Company, LLP	David Lomax Area Underwriting Manager Liberty Mutual Surety

Kathy Barry CFO Highland Capital Partners	Jerry Murphy CFO Todd and Sargent

Charles Bramley Partner Briggs Bunting & Dougherty	Judd Rabb Vice President and CFO Coldwatt Inc

Daryl Buck Vice President and CFO Reasor’s LLC	Tom Ratcliffe Director of Audit and Accounting Wilson, Price

Michael Cain Senior Executive Vice President Frost National Bank	Carisa Wisniewski Partner Moss Adams LLP

H. Marco Kichler Controller Putnam Precision Products, Inc.

“We were pleased with the number of very qualified people who applied for a committee position, making the selection process very difficult. The result of this process is the appointments of this broad, highly-experienced group of constituents to serve this important endeavor,” said O’Dell. “Leveraging the perspective of lenders, investors, preparers and practitioners, I am confident that the PCFRC will serve as a valuable resource to the FASB in its mission to continue meeting the financial reporting needs of smaller and private businesses and those who invest in them.”

O’Dell said that all appointments are for a one-year term commencing immediately. PCFRC members are eligible to serve three terms.

“We look forward to working closely with the membership of the PCFRC,” said Robert Herz, FASB chairman. We are confident that under O’Dell’s leadership, the committee will be an insightful and valuable resource to our Board and process.”

Barry Melancon, president and CEO of the AICPA, said, “Judy has assembled a very strong group of professionals whom I expect will continue to move the private company dialogue in a thoughtful, productive direction. “

The PCFRC will hold its first meeting May 10-11 in Chicago with subsequent meetings to be announced. These meetings will be open to the public, and the input of constituents is most welcome.

Further information about the private company financial reporting initiative may be found at www.pcfr.org. Highlights of meetings and other actions and communications of the committee will be posted to this Web site.

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