NEW YORK The foundation that oversees the making of U.S. accounting rules said on Wednesday that it had named Billy Atkinson, a former audit partner at PwC, as chairman of a new standards council for private companies.
Atkinson was appointed by the Financial Accounting Foundation to head the Private Company Council, which will help decide when to modify accounting standards for private companies.
The foundation also oversees the U.S. Financial Accounting Standards Board, which sets accounting standards for public companies, known as generally accepted accounting principles, or GAAP.
The new council was created in May after years of complaints that GAAP was too complicated and costly for private companies. GAAP applies mostly to public companies, but many lenders also require it for private ones.
The new 10-member council will work with FASB in deciding changes to GAAP for private companies, the foundation said in a statement.
Atkinson worked for 39 years at PwC, where he served as an audit partner and risk management partner in the firm's private company services unit.
He chaired the National Association of State Boards of Accountancy from 2009 to 2010 and was on the governing council of the American Institute of Certified Public Accountants from 2003 to 2006.
(Reporting by Dena Aubin; Editing by Kevin Drawbaugh)