Charlotte, N.C., October 22, 2012 – The Board of Trustees of the Financial Accounting Foundation (FAF) recently appointed Jeff Bryan as a member of the Private Company Council (PCC). The PCC is a new body that will work with the Financial Accounting Standards Board (FASB) to determine whether and when to modify U.S. Generally Accepted Accounting Principles (U.S. GAAP) for private companies.
Members of the PCC are appointed to an initial term of three years, with each member eligible for reappointment.
The PCC will determine whether modifications or exceptions to existing nongovernmental U.S. 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 FASB. Before being incorporated into U.S. GAAP, PCC recommendations will be subject to a FASB endorsement process. The PCC also will serve 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.
A partner in the firm’s Professional Standards Group of Dixon Hughes Goodman LLP, Jeff’s team is primarily responsible for establishing firm policies and procedures, compliance with accounting, audit and ethics professional standards and providing technical consultation to the firm's assurance services personnel. Prior to joining the Professional Standards Group, Jeff was a partner in the Atlanta office of Dixon Hughes Goodman. In such capacity, he served private companies and smaller public companies in a number of industries, including manufacturing, technology, specialty finance and agribusiness processing.
Jeff previously served on a number of professional boards and committees, including the AICPA’s Auditing Standards Board, its Professional Ethics Executive Committee and its Technical Standards Subcommittee. Jeff also served on the Private Company Practice Section’s Technical Issues Committee whose purpose is to provide recommendations to standards setters as the collective voice of small and medium-sized accounting firms and the clients they serve.
“On behalf of the FAF, I am pleased to welcome our inaugural PCC members,” said FAF President and CEO Teresa S. Polley. “More than one hundred highly-qualified candidates were nominated for the ten seats on the Council, both by organizations and by individuals. As a result, the selection process was very difficult.
“Each of the new Council members has demonstrated a strong appreciation for the importance of independent standard-setting, and unwavering commitment toward greater clarity and well-informed decision-making in private company financial accounting and reporting. Their diverse backgrounds and perspectives will provide valuable insights and leadership to the PCC and the FAF,” Polley added
“Dixon Hughes Goodman is extremely pleased with Jeff’s appointment as an inaugural member of the Council. The financial community is at a critical point in determining what accounting standards are relevant and cost beneficial for private entities,” said Ken Hughes, Chief Executive Officer for the Firm. “We are committed to the mission of the FAF and the FASB to make private companies’ financial statements financial statements as credible and efficient as possible, for the sake of investors, creditors, auditors and others who use their financial statements.”
Added Dave Hinshaw, Director of Assurance Services for the Firm, “Jeff’s background in serving the profession, as well as his service to both private and public companies, will enable him to provide valuable input to the Council. The Firm is pleased to be able to provide support for this important initiative.”
About Dixon Hughes Goodman
With more than 1,700 people in 30 offices in 11 states and Washington, D.C., Dixon Hughes Goodman is the largest certified public accounting firm headquartered in the Southern U.S. and the 14th largest in the nation. In addition to comprehensive accounting and advisory services, the firm focuses on eight major industries and serves clients internationally and in all 50 states. Visit www.dhgllp.com for additional information.