GP joins private company accounting board

A voice from the private equity community will help set simplified accounting standards for private entities.    

Timothy Curt, a managing director in Warburg Pincus’ accounting department, will take a seat on the Private Company Council (PCC) – a sister standard setter to the Financial Accounting Standards Board (FASB) responsible for tweaking existing accounting rules for private entities.

Curt served as the buyout firm’s chief financial officer from 2003 to 2014, and before joining Warburg, was a tax partner at Ernst & Young. His involvement with the PCC may prove advantageous to private equity shops, which could benefit from a simpler accounting code that was originally written with large, publicly-listed entities in mind. Uncertainty exists as to whether GPs are within the scope of the PCC’s work.

The Financial Accounting Foundation, FASB’s oversight body, made the appointment alongside two others, as well as naming a new PCC chair.

Succeeding current PCC chairman Billy Atkinson at the start of 2016 will be Candace Wright, a director with Louisiana-based accounting firm Postlethwaite & Netterville and member of the Small Business Advisory Committee, which advises the FASB on financial accounting and reporting issues that impact small businesses.

The two other appointments are David Lomax, an executive of Liberty Mutual Insurance Company and Harold Monk, an accountant at Carr, Riggs & Ingram.

The three new members will replace current PCC members Mark Ellis (preparer), Neville Grusd (user), and Diane Rubin (practitioner), whose terms end at the end of 2015.