The Financial Accounting Foundation (FAF) has made two appointments the Private Company Council (PCC). Jere Shawver, will serve as the new chair, and David Hoagland will serve as a member. Shawver’s term as chair will begin 1 January 2024, and end three years later, on 31 December 2026, when he will be eligible for consideration for reappointment.

Hoagland’s term as a member of the PCC will begin immediately and extend to 31 December 2026, when he will be eligible to be considered for reappointment to a second, standard-length term of three years. Shawver will succeed Candace Wright, a director with Postlethwaite & Netterville, a Louisiana-based accounting and business advisory firm, who served in this role for several terms beginning 1 January 2016, and whose term will be completed 31 December, 2023.

Shawver serves as the managing partner – assurance and risk for Baker Tilly, where he is responsible for managing the assurance practice and risk management, which includes the Office of General Counsel. He has over 40 years of experience advising companies on financial reporting, accounting, and business matters across a wide range of industries including, manufacturing and distribution, construction and real estate, higher education, hospitality, government contracting, and technology. He was a member of the AICPA’s Auditing Standards Board from 2015-2019 and served as the chairman of the AICPA’s Professional Liability Insurance Committee from 2014-2019 and is a Certified Public Accountant (CPA) licensed in Virginia.

New PCC member Hoagland succeeds Zubin Avari of Charter Oak Equity, based in Connecticut, whose term ended 31 December 2022. Hoagland is an executive credit officer – commercial real estate, community development corporation, and housing capital corporation for US Bank. He brings over 30 years of knowledge to the Council with extensive experience as a user of private company financial statements, including statements from private company borrowers and from borrower’s private company tenants. He received his Bachelor of Science in Finance from Virginia Tech.

FAF Board of Trustees chair, Edward Bernard, said: “We look forward to the perspectives that will be brought to the PCC by both of these individuals.

“I am pleased to welcome them to the Council, and the valuable insight they will contribute to the discussions with the FASB.”

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FASB member and PCC liaison, Susan Cosper, added: “The FASB is grateful to Candy for her ardent belief in the work of the PCC and for her commitment and service to the standard-setting process. She has given generously of her time for almost a decade, and we thank her for sharing her insights and providing us with her guidance and keen judgment.”

The PCC advises the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s agenda. The PCC also advises the FASB on possible alternatives within Generally Accepted Accounting Principles (GAAP) to address the needs of users of private company financial statements.

The PCC currently consists of 12 members from financial statement user, preparer, academic, and practitioner backgrounds.