Dallas, TX (PRWEB) September 20, 2012
Houston Certified Public Accountant Billy Atkinson was appointed by the Financial Accounting Foundation’s Board of Directors to serve as the chairman to the newly created Private Company Council (PCC).
Atkinson has been a member of the Texas Society of CPAs (TSCPA) for the past 36 years, serving on various state-wide committees, including the Executive Board and Board of Directors. Atkinson also served as chairman of the National Association of State Boards of Accountancy (NASBA) from 2009 to 2010. Atkinson was nominated by TSCPA, NASBA and the Texas State Board of Public Accountancy. “Having Billy chair this council is great news for the profession and the public,” says TSCPA CEO and Executive Director, John Sharbaugh.
After a multi-year discussion about how accounting standards can best meet private company financial statement users’ needs, the PCC was created in May to work alongside the Financial Accounting Standards Board (FASB). The PCC will work to determine whether exceptions or modifications to U.S. Generally Accepted Accounting Principles (GAAP) for privately held companies are necessary. Any recommendations made by the PCC will be subject to ratification by FASB.
TSCPA (http://www.tscpa.org) is a nonprofit, voluntary, professional organization representing Texas CPAs. The society has 20 local chapters statewide and more than 28,000 members, one of the largest in-state memberships of any state CPA society in the United States. TSCPA is committed to serving the public interest with programs that advance the highest standards of ethics and practice within the CPA profession.