The Financial Accounting Foundation has reappointed Private Company Council chair Candace Wright

The trustees of the Financial Accounting Foundation have reappointed Candace Wright to a third two-year term as chair of the Private Company Council, and added David Pesce as a member of the PCC for a three-year term.

Both new terms will begin Jan. 1, 2022.

A director at Top 100 Firm Postlethwaite & Netterville, Wright has been chair of the PCC since January 2016.

Candy Wright

“For the past five plus years, Candy Wright has led the PCC with distinction, demonstrating a deep commitment to its mission and its partnership with the FASB,” said FAF chair Kathleen Casey, in a statement. “I am pleased that she has agreed to continue in this critical role for an additional two-year term.”

Pesce is head of surety for Munich Re Specialty Insurance, and has over 35 years of financial reporting experience.

“We are pleased to welcome Mr. Pesce to the PCC,” said Casey. “He brings unique experience in the surety and construction industries, and we look forward to his contributions to the group’s discussions with the FASB.”

David Pesce

The PCC advises the Financial Accounting Standards Board (which the FAF oversees) on the impact of accounting standards on private businesses, and the particular financial reporting issues they face. It currently has 11 members from the financial statement user, preparer and practitioner communities.

Separately, the FAF named Elizabeth Pearce the next chair of the Governmental Accounting Standards Advisory Council, for a term starting Jan. 1, 2022.

Pearce, who is currently the Vermont state treasurer, has been a member of GASAC since the beginning of 2021, and will succeed Robert Scott as chair. Scott joined GASAC in 2011, and became chair in 2015.

Beth Pearce

“It is a pleasure to welcome Beth Pearce as our new GASAC Chair. She will play an important role in the GASB process,” said Casey, in a statement. “We would also like to thank our departing chair, Robert Scott, for his time, expertise, and the contributions he made to the standard-setting process.”

GASAC advises the Governmental Accounting Standards Board, which the FAF also oversees, on strategic and technical issues, project priorities and more.