Drawing from over 100 applications, the Board of Trustees of the Financial Accounting Foundation (FAF) has just appointed the chair plus nine inaugural members to its newly created Private Company Council. The PCC will work with the Financial Accounting Standards Board “to determine whether and when to modify U.S. Generally Accepted Accounting Principles (U.S. GAAP) for private companies,” according to a FASB release.

Billy M. Atkinson, former chair of the National Association of State Boards of Accountancy (NASBA) and former audit partner at PricewaterhouseCoopers, will serve as the first chair of the PCC. Joining him will be nine additional members, each of whom “has demonstrated a strong appreciation for the importance of independent standard-setting and unwavering commitment toward greater clarity and well-informed decision making in private company financial accounting and reporting,” says FAF president and CEO Teresa Polley. “Their diverse backgrounds and perspectives will provide valuable insights and leadership to the PCC and the FAF.”