Barnes Dennig Director Tom Groskopf will play a leading role in establishing standards for how private companies report financial information.
In addition to his ongoing service on an international standard-setting committee, Groskopf was recently appointed to the inaugural Private Company Council, which will work with the Financial Accounting Standards Board to determine if and how U.S. Generally Accepted Accounting Principles should be adapted for private companies.
Groskopf was one of 10 finance and accounting professionals across the country to be selected by the Financial Accounting Foundation (FAF) to the Private Company Council (PCC). Each is appointed to a three-year term.
“This is a very prestigious appointment for Tom, and I personally commend him for his dedication and commitment to the profession,” Barnes Dennig Managing Director Steve Hube said. “We are proud to have an individual of Tom’s caliber here at Barnes Dennig.”
The PCC will work with the Financial Accounting Standards Board (FASB) to make private companies’ financial statements as credible and efficient as possible, for the sake of investors, creditors, auditors and others who use the financial statements. The PCC will determine how – or if – U.S. Generally Accepted Accounting Principles (U.S. GAAP) should be modified for private companies.
“Each of the new Council members has demonstrated a strong appreciation for the importance of independent standard-setting and unwavering commitment toward greater clarity and well-informed decision-making in private company financial accounting and reporting,” said Teresa Polley, President and CEO of the Financial Accounting Foundation. “Their diverse backgrounds and perspectives will provide valuable insights and leadership to the PCC and the FAF.”
Groskopf previously served on the advisory-only FASB Private Company Financial Reporting Committee, and he will continue to serve on the International Financial Reporting Standards’ Small- and Medium-sized Entity Implementation Group. As such, he has a front-row seat to the ongoing efforts to merge national and international accounting standards – insight that he can pass along to Barnes Dennig’s clients.
“Our profession is at a critical point in determining what accounting standards are relevant and cost beneficial for private entities. I am delighted and thrilled that Tom was appointed to this first Council,” said Chuck Landes, Vice President of the American Institute of Certified Public Accountants and a former Director at Barnes Dennig. “Having worked with Tom at Barnes Dennig, I know first-hand his commitment to the profession, and I know Tom’s technical ability and his understanding of private companies will be extremely valuable to the PCC.”