Barnes Dennig Director Named to National
Private Company Financial Reporting Committee
Cincinnati, Ohio (December 2, 2008) - Thomas J. Groskopf, CPA, CVA, MBA (Mason, Ohio resident), Director (Owner) of Barnes Dennig, was named to the Private Company Financial Reporting Committee (PCFRC). The committee’s mission is to consider differences in prospective and existing GAAP accounting standards related to private companies based on user needs and cost/benefit considerations, and make formal recommendations to it’s governing body - the Financial Accounting Standards Board (FASB). The PCFRC and the FASB receive administrative support from the American Institute of Certified Public Accountants (AICPA).
“We are proud of Tom’s accomplishments, and with his guidance, we are able to better serve our privately-held, middle-market clients during these trying economic times,” stated Bill Cloppert, Managing Director at Barnes Dennig. “Tom’s appointment to this committee raises the profile of Barnes Dennig and our capabilities at a national level. His knowledge of the ever-changing accounting standards is pertinent to the success of our firm, “ continued Cloppert.
“Tom’s technical accounting expertise and long-time involvement in the financial issues relevant to private companies promise to be an invaluable asset to the committee,” said Judy O’Dell, chair of the PCFRC. “His background will undoubtedly enhance the 12-person PCFRC and help sustain the successful work of the committee in providing our constituents a voice in the standard-setting process.”
Groskopf is the youngest person to become Director at Barnes Dennig. The firm and it’s 101 employees, specialize in providing business counsel to tax, accounting and consulting clients throughout the Cincinnati region. Groskopf has served as Private Companies Practice Section chair of the AICPA’s Technical Issues Committee (Accounting Standards). He is also a member of the Xavier University Accounting Department’s Board of Executive Advisors.
“I’m excited about joining the committee, and look forward to making a difference in accounting standards for private companies,” said Groskopf. Groskopf will serve an annual term that is renewable for up to three consecutive years.
About Barnes Dennig
Barnes Dennig is the area’s fifth-largest accounting firm, according to the 2008 Business Courier Book of Lists, and a leader in providing business counsel to tax, accounting and consulting clients throughout the region. The firm offers a complete array of professional services that includes financial reporting, financial analysis, tax service, and business advisory services.
The firm’s consulting expertise includes estate planning, retirement planning, costing, pricing and quoting analysis, profit improvement, business valuations, fraud prevention and succession planning. Visit www.barnesdennig.com for more information.
About the PCRFC
The PCFRC is part of a broad initiative by the AICPA and the FASB to improve the standard-setting process to better meet the needs of privately held enterprises and the users of their financial statements. The committee’s mission is to identify areas in prospective and existing standards where differences could be made for non-issuers, and then make recommendations to the FASB. For more information about the PCFRC and its initiatives, visit www.pcfr.org.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit its Web site, www.fasb.org.
About the AICPA
The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with more than 350,000 CPA members in business and industry, public practice, government, education, student affiliates, and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The AICPA maintains offices in New York, Washington, D.C., Durham, N.C., Ewing, and Lewisville, Tex. Media representatives are invited to visit the AICPA Online Media Center at www.aicpa.org/mediacenter.
