Dev Strischek, a long-time banking industry veteran, has been appointed to the Private Company Council of the Financial Accounting Standards Board. Strischek, most recently with Atlanta-based SunTrust Banks and a past instructor at the ABA Stonier School of Banking, was nominated by the American Bankers Association and will serve a three-year term, with the possibility of reappointment for another two years. Since commercial bankers represent the largest group of those who use and rely on private company financial statements, Strischek will bring his experience to help assess how new and existing financial accounting standards should be modified for private companies.
All new accounting standards issued by FASB are reviewed by the PCC prior to issuance. The PCC was created by FASB in 2012 in response to cost/benefit concerns expressed by smaller companies regarding new accounting standards. Another ABA-nominated banker, Steve Brown of U.S. Bancorp, will retire from the PCC at the end of 2017.