4 New Members Appointed to FAF Private Company Council Board

The Board of Trustees of the Financial Accounting Foundation (FAF) has appointed four new members of the Private Company Council (PCC) to three-year terms that begin on January 1, 2018.

New members appointed to the Council are:

Jeremy Dillard (practitioner)—partner with Singer Lewak, LLP
Michael Minnis (user)—associate professor at the University of Chicago Booth School of Business
Dev Strischek (user)—retired senior vice president and senior credit policy officer, corporate risk management at SunTrust Banks, Inc.
Frank Tarallo (preparer)—chief executive officer at Theragenics Corporation.

Mr. Dillard, Mr. Strischek, and Mr. Tarallo will succeed current PCC members Jeff Bryan (practitioner), Steve Brown (user), and Larry Weinstock (preparer). Messrs. Bryan, Brown, and Weinstock’s terms conclude on December 31, 2017.

The PCC, which can comprise 9 to 12 members, currently consists of 10 members from financial statement user (3 members), preparer (3 members), and practitioner (4 members) backgrounds. With the addition of Mr. Minnis, whose research focuses primarily on the capital market impacts of private company financial statements, the number of financial statement users on the PCC increases to 4, and the total number of PCC members increases to 11.

Following completion of their initial three-year terms, Messrs. Dillard, Minnis, Strischek, and Tarallo will be eligible for reappointment to an additional term of two years.

“On behalf of the FAF, I am pleased to welcome Jeremy, Michael, Dev, and Frank to the PCC,” said FAF Board of Trustees Chairman Charles H. Noski. “Their diverse backgrounds and deep understanding of issues that affect private companies will provide valuable perspectives to the PCC and the FASB.

“With the conclusion of their terms later this year, we also thank the departing PCC members—Jeff, Steve, and Larry—for their commitment to helping improve financial accounting and reporting for private companies,” Noski added.

FASB Chairman Russell G. Golden said, “On behalf of the FASB, I’m pleased to welcome the new PCC members. We look forward to the insights they will add to our projects in progress, and in identifying issues facing users, preparers, and auditors of private company financial statements.”

More information on the PCC can be found on its website.