News Release 09/16/15
FASB APPOINTS PAUL A. BESWICK AND ROBERT B. MALHOTRA
TO THE EMERGING ISSUES TASK FORCE
Norwalk, CT, September 16, 2015—Paul A. Beswick, partner with Ernst & Young LLP and former chief accountant for the Securities and Exchange Commission (SEC), and Robert B. Malhotra, partner at KPMG LLP, have been named to the Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board (FASB).
The appointments were announced today by FASB Chair Russell G. Golden.
Mr. Beswick is a partner within Ernst & Young LLP’s assurance services practice, where he is involved in accounting and regulatory matters, audit quality initiatives, interactions with standard setters, and process improvement initiatives. Prior to joining Ernst & Young LLP, he served as the chief accountant for the SEC. Mr. Beswick will serve a five-year, renewable term beginning November 12, 2015, replacing Jackson Day of Ernst & Young LLP.
Mr. Malhotra is Co-Partner in Charge of KPMG LLP’s Practice Advisory & SEC Group in its Department of Professional Practice, which is responsible for providing accounting, financial reporting and SEC practice support. Prior to rejoining KPMG LLP, he served as global head of financial reporting and accounting policy at American International Group, Inc. Mr. Malhotra will serve a five-year, renewable term beginning September 17, 2015, replacing Mark Bielstein of KPMG LLP.
“We are very pleased to welcome Paul and Robert to the task force,” said EITF Chairman Susan M. Cosper. “Their extensive backgrounds in public accounting and addressing regulatory matters will be integral to task force discussions about key implementation, application, and other issues.”
“We also thank the departing EITF members—Jackson and Mark, for their commitment of time and resources to helping address timely implementation, application, or other emerging financial accounting and reporting issues,” Cosper added.
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. 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.