The Board of the Financial Accounting Foundation (FAF) are seeking nominations for a new member of the Private Company Council (PCC). The PCC advises the Financial Accounting Standards Board (FASB). The member’s term will be for three years beginning January 1, 2026, with the possibility of reappointment to an additional three-year term.

The PCC advises the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s agenda. The PCC also advises the FASB on possible alternatives within Generally Accepted Accounting Principles (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.

Members of the PCC serve without remuneration but will be reimbursed for out-of-pocket expenses incurred for PCC activities as they may request, provided that those expenses comply with FAF policies.

PCC Member Candidate Profile

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

When assessing candidates for appointment to the PCC, the Appointments Committee also will consider, among other factors, the following:

• Background and level of experience in private company financial accounting and reporting;
• History of interest and participation in financial reporting matters or standard setting activities;
• Current technical understanding of financial accounting and reporting;
• The ability to work collegially and to understand and respect conflicting viewpoints;
• The ability to consider the evidence on all sides of an issue, analyze it objectively in forming a view, and clearly articulate that view;
• The ability to communicate effectively; and
• The ability to commit the time to prepare for and attend meetings of the PCC.

Time Commitment 

PCC members are appointed to three-year terms, with the possibility of reappointment to an additional three-year term.

The PCC is expected to meet at least four times each year for two consecutive days, generally at the FASB’s offices in Norwalk, Connecticut. PCC members may also be asked to participate in stakeholder liaison and town hall meetings, FASB roundtables, as well as speak to stakeholder organizations and other interested parties.

How to Apply: 

The following information is requested for each candidate for PCC membership. Individuals are permitted to nominate themselves.

• A completed nomination form;
• A resume, CV, or biographical profile;
• Any other background information that may be relevant to the individual’s candidacy for the PCC; and
• Name and contact information for two references.

Applications are due May 29, 2025. More information is available on the FAF website.