Novogradac & Company LLP's Diane M. Rubin Appointed to the Private Company Council

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Newly Created Body to Work with FASB on GAAP Modifications

Novogradac & Company LLP

I look forward to working with the other members of this new body and FASB to address critical issues facing the users, preparers and auditors of private company financial statements.”

Diane M. Rubin, CPA, a partner in the San Francisco office of Novogradac & Company LLP, has been appointed by the board of trustees of the Financial Accounting Foundation (FAF) to the Private Company Council (PCC). The PCC is a new body that will work with the Financial Accounting Standards Board (FASB) to determine whether and when to modify Generally Accepted Accounting Principles (GAAP) for private companies.

“I am honored to be appointed to this council and I thank the National Association of State Boards of Accountancy (NASBA) for nominating me,” Rubin said. “I look forward to working with the other members of this new body and FASB to address critical issues facing the users, preparers and auditors of private company financial statements.”

Prior to joining Novogradac & Company, Ms. Rubin owned her own diversified auditing, accounting and tax practice, which merged with Novogradac & Company LLP in 1996. Prior to that, she was an audit manager with Price Waterhouse in New York and San Francisco, where she specialized in insurance and leasing companies, computer companies, real estate firms, banks and brokerage firms. She was a member of the board of NASBA from 1998 to 2007 and served as chairwoman in 2005-2006. Ms. Rubin, who was named by Accounting Today as one of the country’s Top 100 Most Influential People in Accounting in 2006 and by NPA Magazine as one of 2006’s Top 100 Most Influential Practitioners, was a member of the Auditing Standards Board from 2004 to 2007 and served as a member of the California Board of Accountancy from 1993 to 2000, including a term as the board's president.

“We are quite proud of Diane for being named to this council,” said Michael J. Novogradac, CPA, managing partner of Novogradac & Company LLP. “We believe FAF made a wise decision in naming her to the PCC and we are confident she will serve the council well.”

More than 100 candidates were nominated for the 10 seats on the council, both by organizations and by individuals. Members of the PCC, including the chair, are appointed to an initial term of three years, with each member eligible for reappointment.

Named as PCC chair was Billy M. Atkinson, who served as NASBA chairman from 2009 to 2010. Also appointed to the council were:

  •     George Beckwith – vice president and chief financial officer of National Gypsum Company in Charlotte, N.C.
  •     Steven Brown – vice president of U.S. Bank in Portland, Ore.
  •     Jeffery Bryan – partner, Professional Standards Group of Dixon Hughes Goodman LLP in High Point, N.C.
  •     Mark Ellis – chief financial officer of PetCareRx Inc. in Chappaqua, N.Y.
  •     Thomas Groskopf – director and owner of Barnes, Dennig & Co., Ltd. in Cincinnati, Ohio.
  •     Neville Grusd – president of Merchant Financial Corporation in New York, N.Y.
  •     Carleton Olmanson – managing principal of GMB Mezzanine Capital in Minneapolis, Minn.
  •     Lawrence Weinstock – vice president – Finance of Mana Products, Inc. in Long Island City, N.Y.

The PCC will determine whether modifications or exceptions to existing nongovernmental GAAP are required to address the needs of users of private company financial statements, based on criteria mutually agreed to by the PCC and the FASB. Before being incorporated into GAAP, PCC recommendations will be subject to a FASB endorsement process. The PCC also will serve as the primary advisory body to the FASB on the appropriate treatment for private companies for items under active consideration on the FASB’s technical agenda.

About Novogradac & Company LLP
Novogradac & Company LLP, a national certified public accounting and consulting firm is consistently named by Accounting Today and Inside Public Accounting as one of the top 50 accounting firms in the country. Novogradac & Company LLP has its headquarters in San Francisco, Calif., with offices in metro Atlanta, Ga., Detroit, Mich., Kansas City, Mo., Seattle, Wash. and Washington, D.C., as well as in Austin, Texas; Boston, Mass.; Dover, Columbus and Cleveland, Ohio; Portland, Ore.; New York, N.Y.; and Long Beach, Calif. The firm maintains clients in a broad range of industries with major emphasis in the real estate sector, providing publicly and privately held national and multinational enterprises with a full spectrum of audit, tax, valuation, trust and litigation support, computer consulting and general consulting services.

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Diane M. Rubin, CPA
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