The primary objective of the PCFRC will be to provide recommendations to the FASB that will help the board determine whether and where there should be specific differences in prospective and existing accounting standards for private companies.

In December 2006, Judith O’Dell was named chair of the committee.

The committee consists of four CPA practitioners, four financial statement preparers, and four users of private company financial statements. All appointments are for a one-year term. PCFRC members are eligible to serve three terms.

The founding members are:

• Carl Bagge, Partner, Bagge, Cennamo & Co. LLP;
• Kathy Barry, CFO, Highland Capital Partners;
• Charles Bramley, Partner, Briggs Bunting & Dougherty;
• Daryl Buck, Vice President and CFO, Reasor's Inc.;
• Michael Cain, Senior Executive Vice President, Frost Bank;
• H. Marco Kichler, Controller, Putnam Precision Products Inc.;
• Mary Ann Lawrence, Senior Vice President, Key Corp.;
• David Lomax, Area Underwriting Manager, Liberty Mutual Surety;
• Jerry Murphy, CFO, Todd and Sargent Inc.;
• Judd Rabb, Vice President and CFO, Coldwatt Inc;
• Tom Ratcliffe, Director of Accounting and Auditing, Wilson Price; and,
• Carisa Wisniewski, Partner, Moss Adams LLP.

The PCFRC will hold its first meeting on May 10 and 11, 2007, in Chicago with subsequent meetings to be announced. These meetings will be open to the public and constituent input is welcome.

Further information about the private company financial reporting initiative may be found at www.pcfr.org. Highlights of meetings and other actions and communications of the committee will be posted to this Web site.