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State Board Report

October 2012

Two NASBA Past Chairs, Billy M. Atkinson, CPA, and Diane M. Rubin, CPA, have been selected by the Financial Accounting Foundation’s (FAF) Board of Trustees to serve on the new Private Company Council. Mr. Atkinson has been named as chair of the 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 for private companies.

Other PCC members will be George Beckwith, Steven Brown, Jeffrey Bryan, Mark Ellis, Thomas Groskpf, Neville Grusd, Carleton Olmanson and Lawrence Weinstock. FASB member Daryl E. Buck will serve as the FASB’s liaison to the PCC. The PCC’s first task will be determining with the FASB the appropriate framework for deciding when U.S. GAAP should be modified for private companies.

The FAF trustees had received over 100 nominees for seats on the new Council. In announcing the appointment, FAF President and CEO Teresa S. Polley said: “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.”

Mr. Atkinson had previously served as NASBA’s representative on the AICPA/FAF/NASBA Blue Ribbon Panel on Standard Setting for Private Companies.

Asked about the importance of this new body’s efforts to the State Boards, Mr. Atkinson replied: “The expected work of the PCC should be of significance to State Boards in that our mission is to determine whether and when to modify GAAP for private entities. In doing so, we will be carefully evaluating existing and future accounting standards promulgated by the FASB with reference to the dynamic issues of relevance and complexity, which we have heard so much about for the past 2-3 years. State Boards, of course, are concerned that their license holders comply with GAAP and auditing standards where required.”

Mr. Atkinson (NASBA Chair 2009-2010) is a retired partner of PricewaterhouseCoopers, LLP, and former chair of the Texas State Board of Public Accountancy. He served as a PWC audit partner and a risk management partner in the firm’s private company services unit. Ms. Rubin (NASBA Chair 2005-2006) is a partner of Novogradac & Company, LLP, in San Francisco, CA, and former chair of the California Board of Accountancy.

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