Private Company Council (PCC) member Billy Atkinson will not be seeking a second term, leaving his chairman seat open to a successor at the start of 2016.
PCC members are appointed to three-year terms, with the possibility of reappointment to an additional two-year term. The initial terms of the first 10 PCC members, which include GMB Mezzanine Capital managing principal Carleton Olmanson from the private equity community, expire at the end of this year, meaning a number of seats may open up in 2016.
Nominations should be sent to the Financial Accounting Federation (FAF), the group’s oversight body, at PCCNominations@f-a-f.org. The FAF said it will begin staggering terms so there is a more orderly rotation of members.
The PCC was created in 2012 to find exceptions or modifications to US GAAP for private companies, who argue US accounting standards are more geared towards the needs of large public companies.
The private funds industry may benefit from the PCC’s work. The Financial Accounting Standard Board recently defined what qualifies as a public business entity for future use in US GAAP and identified the types of business entities that are excluded from the scope of the PCC. In a past comment letter, pfm argued that the definition doesn't necessarily capture private fund advisers, thus opening the door for the private funds industry to benefit from simpler accounting rules in certain areas.