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.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
