The Financial Accounting Standards Board named a former PricewaterhouseCoopers audit partner, Billy Atkinson, to head the new body that will advise the accounting regulator on modifying U.S. generally accepted accounting principles for private companies. Atkinson also served as chairman of the National Association of State Boards of Accountancy in 2009-2010.
The new body, the Private Company Council, was set up in response to complaints that GAAP was too complicated and costly for private companies. FASB named nine members to the board in addition to Atkinson and said FASB member Daryl Buck will serve as liaison to the Private Company Council.
According to a Financial Executives International blog posting, Atkinson said topics the committee is likely to address early on include FIN 48, on Accounting for Uncertainty in Income Taxes, derivatives complexity and accounting for warrants.
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See FASB's press release here, and coverage by AccountingToday and Reuters.
For earlier coverage of this issue, see Private Businesses and GAAP and Rightsizing Accounting.
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