The Financial Accounting Foundation’s board of trustees reappointed Candace Wright as chair of the Private Company Council for a second three-year term on Tuesday, while also reappointing two other members of the PCC, Timothy Curt and David Lomax, to another two-year term.
All three terms begin on Jan. 1, 2019.
Wright is a director at Postlethwaite & Netterville, a Louisiana-based Top 100 Firm. She began serving as PCC chair on Jan. 1, 2016. Her second term will end on Dec. 31, 2021.
Curt is a managing director at Warburg Pincus LLC. He began his first term at the PCC on Jan. 1, 2016, and his second and final term will end on Dec. 31, 2020.
Lomax is an assistant vice president and underwriting officer at Liberty Mutual Insurance Co. His first term at the PCC started on Jan. 1, 2016, and his second and final term will end Dec. 31, 2020.
“On behalf of the FAF Board of Trustees, I am very pleased that Candy will continue as PCC chair,”said FAF chair Charles Noski in a statement. “She has played a key role in leading the PCC as it identifies and advises the FASB on important financial accounting and reporting issues that concern private companies. We are also pleased that Tim and David are continuing their terms as PCC members. Their diverse perspectives and insights have guided the FASB as it addresses issues facing users, preparers, and auditors of private company financial statements.”
The PCC and the Financial Accounting Standards Board are both overseen by the FAF. The PCC provides input to FASB about the perspective of private companies on the accounting standards it is setting. The PCC can have anywhere from nine to 12 members. It currently includes 11 members representing various types of constituents from the private company world, including four members whose organizations are considered financial statement users, three members who are preparers, and four members with practitioner backgrounds.
