On March 11, the Financial Accounting Standards Board (FASB) announced the appointment of new members to the Emerging Issues Task Force, the Investors Technical Advisory Committee, and the Not-for-Profit Advisory Committee.
"The members of the Emerging Issues Task Force, Investors Technical Advisory Committee, and Not-for-Profit Advisory Committee provide invaluable input to the deliberations of the FASB," said FASB Chairman Leslie F. Seidman. "We welcome their newest members, and thank them for sharing their time and expertise to help us address financial reporting issues of importance."
Emerging Issues Task Force
Alexander M. Corl has been appointed to the FASB's Emerging Issues Task Force (EITF). Corl is the chief financial officer and treasurer of The Lee Company, a privately held FASmanufacturing company based in Westbrook, Connecticut.
The EITF assists the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues. Members of the EITF are chosen from a cross section of the FASB's constituents, including public accounting firms, preparers of financial statements, and users of financial statements.
FASB's Investors Technical Advisory Committee
FASB established the Investors Technical Advisory Committee (ITAC) in 2007 to increase participation in the standard-setting process by investors and other users of financial information.
The ITAC is typically comprised of eleven to thirteen individuals who are users of financial reports and who have strong technical accounting knowledge.
The committee serves as a standing resource to the board and to FASB staff and provides technical accounting advice, from the investors' perspective, on current projects.
The ITAC also identifies critical accounting and financial reporting deficiencies that require the board's attention and proposes new items to be added to the board's agenda – both major projects and technical application and implementation activities.
Investors Technical Advisory Committee
Six new members have been appointed to the Investors Technical Advisory Committee (ITAC):
- Frederick Cannon, director of research, chief equity strategist and executive vice president, Keefe, Bruyette & Woods, Inc., Research Division, New York
- Wallace Enman, senior accounting analyst, Moody's Investors Service, New York
- Brian Foran, partner, US Regional Banks and Cards, Autonomous Research, New York
- Jonathan Nus, CPA, senior director, Standard & Poor's Ratings Services, New York
- Kevin W. Shea, CFA, director of quantitative research, Cadence Capital Management, LLC, Boston
- David Trainer, chief executive officer, New Constructs, Brentwood, Tennessee.
The ITAC is a standing resource to the FASB that provides investors' perspectives on current projects and on the implementation of new standards. The ITAC also identifies critical accounting and financial reporting issues that require the Board's attention.
Not-for-Profit Advisory Committee
Larry Probus, senior vice president of World Vision US, Federal Way, Washington, has been appointed to the Not-for-Profit Advisory Committee (NAC). The NAC serves as a standing resource for the FASB for discussing financial reporting issues and potential improvements with the not-for-profit sector.
"On behalf of the FASB, I am pleased to welcome our new members to the Emerging Issues Task Force, the Investors Technical Advisory Committee, and the Not-for-Profit Advisory Committee," stated Susan M. Cosper, chairman of the EITF and FASB technical director. "We look forward to the insights they will bring to their respective roles in advising the FASB."
Source: March 11, 2013, FASB Press Release