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Financial Accounting Foundation Board of Trustees seeks nominations for PCC Members

Written on Apr 18, 2025

The Board of Trustees of the Financial Accounting Foundation (FAF) announced the Appointments Committee is seeking nominations for new members of the Private Company Council (PCC). New member terms will be for three years beginning Jan. 1, 2026, and ending on Dec. 31, 2028, with the possibility of reappointment to an additional three-year term. 

The PCC is comprised of 9 to 12 members and advises FASB on the appropriate accounting treatment for private companies for items under active consideration on FASB’s agenda. The PCC also advises FASB on possible alternatives within GAAP to address the needs of users of private company financial statements. 

The FAF Board of Trustees’ Appointments Committee seeks to recruit candidates with a diverse range of backgrounds and experiences to ensure a balance of perspectives on the PCC. Members include individuals with backgrounds and experience in using, preparing, and auditing (including compiling and reviewing) private company financial statements. 

Ideal PCC member candidates possess: 

  • A keen interest in and knowledge of financial accounting and reporting matters affecting private companies 

  • Experience preparing private company financial statements 

  • A commitment to improving financial reporting for users of private company financial statements 

Those interested in applying or nominating a candidate should do so by May 29, 2025. Instructions can be found on the FAF website. 

The Appointments Committee has an evergreen nomination process in addition to specific calls for nomination like the one above. The Appointments Committee generally seeks nominations for the PCC with backgrounds and experience that includes: 

  • Preparers of private company financial statements from a variety of industries and companies of various sizes 

  • Users of private company financial statements, including bank lenders, sureties, venture capital investors, and/or other private equity investors 

  • CPA practitioners from national, regional, and local firms 

  • Academics with expertise in private company financial reporting 

Visit the FASB website to learn more.