Financial Accounting Standards Board 401 Merritt 7, PO Box 5116,…

Financial Accounting Standards Board
401 Merritt 7, PO Box 5116, Norwalk, CT 06856-
5116
203-847-0700, Fax: 203-849-9714


Contacts:
Gerard Carney
Financial Accounting Foundation
203-956-5364

Joel Allegretti
American Institute of Certified Public Accountants
212-596-6111

       PRIVATE COMPANY FINANCIAL REPORTING COMMITTEE
                   ANNOUNCES MEMBERSHIP


Norwalk, CT, March 6, 2007--The Private Company Financial Reporting
Committee (PCFRC) today announced its founding membership.

The PCFRC is part of a broad initiative by the Financial Accounting Standards
Board (FASB or "the Board") and the American Institute of Certified Public
Accountants (AICPA) to further improve the FASB's current standard-setting
process to better meet the financial reporting needs of private companies and the
users of their financial statements. The primary objective of the PCFRC will be to
provide recommendations to the FASB that will help the Board determine
whether and where there should be specific differences in prospective and
existing accounting standards for private companies.

Today's announcement follows the December 2006 appointment of Judith O'Dell
as Chair of the PCFRC. A financial reporting expert with broad experience
dealing with accounting issues central to private companies, Ms. O'Dell is
President of O'Dell Valuation Consulting, LLC, CPAs and Principal and Chief
Financial Officer of a family-owned enterprise engaged in real-estate
development, construction, and a hotel and restaurant business.



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The Committee will consist of four CPA practitioners, four financial statement
preparers, and four users of private company financial statements. The founding
members of the PCFRC are:

Judith H. O'Dell                           Mary Ann Lawrence
President                                  Senior Vice President
O'Dell Valuation Consulting, LLC           Key Corporation

Carl Bagge                                 David Lomax
Partner                                    Area Underwriting Manager
Bagge, Cennamo & Company, LLP              Liberty Mutual Surety

Kathy Barry                                Jerry Murphy
CFO                                        CFO
Highland Capital Partners                  Todd and Sargent Inc

Charles Bramley                            Judd Rabb
Partner                                    Vice President and CFO
Briggs Bunting & Dougherty                 Coldwatt, Inc

Daryl Buck                                 Tom Ratcliffe
Vice President and CFO                     Director of Accounting and Auditing
Reasor's, Inc                              Wilson Price

Michael Cain                               Carisa Wisniewski
Senior Executive Vice President            Partner
Frost Bank                                 Moss Adams LLP

H. Marco Kichler
Controller
Putnam Precision Products, Inc.



"We were pleased with the number of very qualified people who applied for a
committee position, making the selection process very difficult. The result of this
process is the appointment of this broad, highly experienced group of
constituents to serve this important endeavor," said Ms. O'Dell. "Leveraging the
perspective of lenders, investors, preparers, and practitioners, I am confident that
the PCFRC will serve as a valuable resource to the FASB in its mission to
continue meeting the financial reporting needs of smaller and private businesses
and those that invest in them."

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Ms. O'Dell said that all appointments are for a one-year term commencing
immediately. PCFRC members are eligible to serve three terms.

"We look forward to working closely with the membership of the PCFRC," said
Robert Herz, FASB chairman. "We are confident that under Ms. O'Dell's
leadership, the committee will be an insightful and valuable resource to our
Board and process."

Barry Melancon, President and CEO of the AICPA, said, "Judy has assembled a
very strong group of professionals who I expect will continue to move the
private company dialogue in a thoughtful, productive direction. "

The PCFRC will hold its first meeting on May 10 and 11, 2007, in Chicago with
subsequent meetings to be announced. These meetings will be open to the public
and the input of constituents is most welcome.

Further information about the private company financial reporting initiative may
be found at www.pcfr.org. Highlights of meetings and other actions and
communications of the committee will be posted to this website.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board (www.fasb.org) has been
the designated organization in the private sector for establishing standards of
financial accounting and reporting. Those standards govern the preparation of
financial reports and are officially recognized as authoritative by the Securities
and Exchange Commission and the American Institute of Certified Public
Accountants. Such standards are essential to the efficient functioning of the
economy because investors, creditors, auditors, and others rely on credible,
transparent, and comparable financial information. For more information about
the FASB, visit our website at www.fasb.org.

About the American Institute of Certified Public Accountants

The American Institute of Certified Public Accountants (www.aicpa.org) is the
national, professional association of CPAs, with approximately 330,000 members,
including CPAs in business and industry, public practice, government, and
education. It sets ethical standards for the profession and U.S. auditing standards
for audits of private companies; federal, state, and local governments; and non-
profit organizations. It also develops and grades the Uniform CPA Examination.

Media representatives are invited to visit the AICPA Online Media Center at
www.aicpa.org/mediacenter.