News Release 03/06/17
FASB APPOINTS TWO NEW MEMBERS
TO THE EMERGING ISSUES TASK FORCE
Norwalk, CT, March 6, 2017—The Financial Accounting Standards Board (FASB) today announced the appointment of Kimber Bascom, partner-in-charge of the Accounting Standards Group of KPMG’s Department of Professional Practice, and Lawrence Dodyk, an assurance partner in PwC’s National Professional Services Group, to the Emerging Issues Task Force (EITF).
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.
“Kimber Bascom and Lawrence Dodyk bring significant expertise and deep technical accounting experience to the EITF,” stated EITF Chairman and FASB Technical Director Susan M. Cosper. “Their unique experience and perspectives will be a valuable addition to EITF discussions around implementation, application, and other emerging issues within existing GAAP."
Mr. Bascom leads the development of KPMG’s policies, guidance, training, publications, and other materials on U.S. accounting and financial reporting matters provided to audit engagement teams and clients. As KPMG’s Global Leasing Standards Leader, he also leads the development of the international firm’s guidance and policies on the application of U.S. and international financial reporting standards to leasing transactions.
Mr. Dodyk, as a member of PwC’s National Professional Services Group, works closely with the firm’s engagement teams and clients in addressing complex accounting issues and is responsible for determining PwC’s position on accounting and financial reporting matters including proposed standards from the FASB, the IASB, and other standard setters. Mr. Dodyk is also the U.S. leader of PwC’s global Business Combinations group and is a primary author of several of the firm’s technical guidance and thought leadership publications.
Mr. Bascom, who will join the EITF effective immediately, will replace current EITF member Robert Malhotra. Mr. Dodyk, who will join the EITF beginning with the June 8, 2017 EITF meeting, will replace current EITF member John Althoff, whose term ends after the March 16, 2017 EITF meeting.
More information on the EITF, including current members, agenda, and meeting schedule, can be found here.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.