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The committee is part of a broad initiative by FASB and the American Institute of Certified Public Accountants. The primary objective of the committee will be to provide recommendations to FASB that will help the board determine whether and where there should be differences in prospective and existing accounting standards for private companies.

"Judy's extraordinary background, which encompasses financial reporting expertise with private companies, public accounting and academia, coupled with her practical experience as a CFO of a private enterprise, makes her an ideal fit to lead this important effort on behalf of this vital constituency," said FASB Chairman Robert Herz.

O'Dell presently is a principal and CFO of a family-owned enterprise engaged in real-estate development, construction and a hotel and restaurant business. She also maintains her own business valuation and litigation support practice. Prior to her current professional endeavors, O'Dell was managing shareholder of a Pennsylvania-based accounting firm. She is also the author and instructor of continuing education courses on auditing, internal control, fraud, business valuation and staff training. She has taught accounting and auditing at the college level.

O'Dell said that she expects the Private Company Financial Reporting Committee to conduct its first meeting in the spring of 2007 with subsequent meetings held quarterly. These meetings will be open to the public. Over the next several months, O'Dell will be seeking nominations for committee members.

"I am delighted to help spearhead this critical effort to further advance the strides that have been made in meeting the financial reporting needs of private companies and users of their financial statements," said O'Dell.

Further information about the private company financial reporting initiative may be found at www.pcrf.org.