Billy M. Atkinson Private Company Council Chairman is Retiring

Privately held companies’ accounting standards are set by the help of the chairman of the Private Company Council, Billy M. Atkinson. At the end of this year, his existing term expires. He is first chairman of PCC.

But the Governmental Accounting Standards Board, the Board of Trustees of the Financial Accounting Foundation and Financial Accounting Standards Board are trying to nominate Atkinson to get his position again next January by qualifying successfully from other candidates.

In his one statement Atkinson said, “In my opinion in first three years the PCC got great improvement in setting the standards for private companies. He further added that the members of PCC have done great job for making different GAAP standards for private companies, and also the FASB and the FAF department strongly support us.”

The chairman of the FAF Board of Trustees, Jeffrey J. Diermeier, thanked Atkinson, and said “he is playing great role for directing the PCC, his leadership was an instrument for the Council that helps the trustees for getting the goals of PCC that was established in 2012 on creation of PCC, and also set the accurate quality of cooperation and collaboration to work with FASB.”

The tenure of PCC members and chairman is for three years. After 31, Dec. 2015, the initial term of 10 PCC members will expire. But the trustee can reappoint them for additional term of two years. The term for newly selected PCC chairman and members will start on Jan.1, 2016.

The trustees of PCC are finding suitable candidates for the seat of PCC chairman, and other active jobs for PCC. The individuals should have expertise, resources and skills that are very important for completing the active projects of FASB. They will work for public interest and help the FASB, PCC and FAF for completion of their mission.