GP gains seat on Private Company Council

After four months of deliberation, the US Financial Accounting Foundation (FAF) has named nine members and one chair to its recently formed Private Company Council (PCC). 

The PCC was created 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. 

Carleton Olmanson

Pulled from within the private equity industry is Carleton Olmanson, a managing principal at Minnesota-based mid-market firm GMB Mezzanine Capital. Olmanson was previously a senior vice president at US Bank where he was responsible for mid-market leveraged lending, according to GMB’s website. Olmanson was not immediately available for comment. 

Chairing the council is Billy Atkinson, who had a 39-year spell with PwC as an audit and risk partner. Atkinon is no stranger to leadership roles within the accounting community, having been a member of the American Institute of Certified Public Accountants Governing Council from 2003 to 2006 and held senior positions in the Texas Society of CPAs.

Later this year the council will work alongside the Financial Accounting Standards Board (FASB) to agree on a decision making process for tailoring GAAP with private companies in mind. Before being incorporated into US GAAP, PCC recommendations will be subject to a FASB endorsement process.

A FAF spokesperson said care was taken to ensure the council was balanced with a mix of financial statements preparers, their readers and auditors. Roughly 100 candidates were submitted for the selection process. A complete breakdown of the 10-member council can be found HERE.