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State Board Report

May 2015

Past NASBA Chair Billy M. Atkinson, CPA (TX), will be concluding his term as Chairman of the Public Company Council (PCC) on December 31, 2015 and has announced that he will not seek a second term at the PCC’s helm. As the first Chairman of the organization, established by the Financial Accounting Foundation (FAF) trustees in 2012, Mr. Atkinson guided the PCC in improving the Financial Accounting Standards Board’s process for setting accounting standards for private companies. It has advised the FASB on current projects as well as suggested potential alternatives for private companies using Generally Accepted Accounting Principles.

A three-year evaluation of the PCC’s accomplishments is underway to help determine its future course. Comments are due this month and NASBA is submitting a comment letter which will be posted on this website. All ten of the initial PCC members’ terms end in December. NASBA Past Chair Diane M. Rubin, CPA (CA), who is serving as another of the PCC’s original members, has also determined she will not serve an additional term as a member. She described her time with the PCC as one of the highlights of her professional career, but as she recently retired from full-time practice, Ms. Rubin has encouraged others who are currently working with private companies to take her place as a CPA representative.

FAF Board of Trustees Chairman Jeffrey J. Diermeier stated: "Billy’s unique leadership was instrumental in launching the PCC and setting the right tone of collaboration and cooperation in its work with the FASB. Under his tenure, the Council made important progress in achieving the goals that the Trustees established when the PCC was created in 2012."

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