Earlier today, the members of the Blue Ribbon Panel on Private Company Accounting were announced by the cosponsoring organizations of the panel, the Financial Accounting Foundation, the AICPA, and NASBA. The three organizations announced in December that they were forming the panel to: "Provide recommendations on the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed." FEI had issued a statement in December, applauding the formation of the panel.
According to today's press release issued by the FAF:
Members of the panel represent a cross section of private company financial reporting constituencies, including lenders, investors, and owners as well as preparers and auditors...
...As announced last month, the committee will be chaired by Rick Anderson, chairman of Moss Adams, LLP, who is also a current member of the FAF Board of Trustees and the AICPA.
Panel and Observers
The eighteen-member panel announced today includes:
- Rick Anderson, Chairman, Moss Adams, LLP; Chairman of the Blue Ribbon Panel
- Billy Atkinson, Board Chair, NASBA
- Daryl Buck, Senior VP and CFO, Reasor's, Inc.
- Steve Feilmeier, CFO, Koch Industries
- Hubert Glober, Co-Founder and President, REDE
- David Hirschmann, President and CEO, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce
- William Knese, VP, Finance and Administration, Angus Industries
- Kewsong Lee, Managing Director, Warburg Pincus
- Paul Limbert, CEO, WesBanco, Inc.
- Krista McMasters, CEO, Clifton Gunderson
- Michael Menzies, CEO, Easton Bank and Trust Company
- Barry Melancon, President and CEO, AICPA
- Jason Mendelson, Co-founder, Foundry Group
- David Morgan, Partner, Lattimore, Black, Morgan and Cain PC
- Terri Polley, President, FAF
- Dev Strischek, Senior VP, Corporate Risk Management, SunTrust Banks, Inc.
- Mark Vonnahme, Executive VP, Surety, Arch Insurance Group
- Teri Yohn, Associate Professor, Indiana University
Individuals appointed to the Blue Ribbon Panel serve in their personal capacity. Among the eighteen panel members, three of the appointees are also members of FEI: William Knese, VP, Finance and Administration, Angus Industries, Teri Yohn, Associate Professor, Indiana University, and Daryl Buck, vice-chair of FEI's Committee on Private Companies-Standards .
CPC-S is the national committee at FEI responsible for monitoring and developing positions on accounting, auditing and related initiatives that impact privately held companies.
Upon being named to the Blue Ribbon Panel, Buck said,
"I’m very pleased to have the opportunity to serve on the Blue-Ribbon Panel, as it considers the future of accounting standards for private companies in the U.S. The panel will be seeking to determine how best to meet the needs of those constituencies who use financial statements produced by private companies, and I’m looking forward to contributing my views to that effort. In addition to my personal experience as a private company CFO and as an auditor in public accounting, my ongoing role as vice chair of FEI’s Committee on Private Companies – Standards (CPC-S) will be very beneficial, as I will have a ready source of practical and technical input from my peers to share with the panel. I’m excited about getting started on this important endeavor.”
As noted in today's press release issued by the FAF:
The members of the Blue Ribbon Panel will be joined by several participating observers, including representatives of the U.S. Federal Financial Institution Regulatory Agencies Group and the U.S. Small Business Administration.
Panel aims to issue recommendations within a year
The work of the Blue Ribbon Panel is being fast-tracked. As noted in today's press release:
After its comprehensive review of issues affecting the current system of
standard setting for private companies in the United States, the panel will
issue a report containing its recommendations to the FAF Board of Trustees in
approximately one year.