FASB APPOINTS MARK SCOLES
TO THE EMERGING ISSUES TASK FORCE
Norwalk, CT, March 2, 2016—Financial Accounting Standards Board (FASB) Chair Russell G. Golden today announced the appointment of Mark Scoles, partner-in-charge of Grant Thornton LLP’s Accounting Principles group, to the Emerging Issues Task Force (EITF).
Mr. Scoles is responsible for Grant Thornton LLP’s technical matters relating to accounting, auditing, and U.S. Securities and Exchange Commission issues—with emphasis on consolidation, transfers of financial assets, financial instruments and derivatives, and debt and equity arrangements. He often works with financial services clients, addressing accounting issues specific to the industry, including consolidation, securitization transactions and derivative financial instruments.
Mr. Scoles previously served as a member of the American Institute of CPA’s (AICPA) Financial Reporting Executive Committee and Auditing Standards Board.
A licensed CPA in the states of Illinois and Missouri, Mr. Scoles belongs to the Illinois CPA Society and the Missouri Society of Certified Public Accountants. He received a bachelor of science degree in business from Emporia State University.
Mr. Scoles, who will join the EITF on March 3, 2016, will fulfill the remaining five-year, renewable term that was left vacant by the passing of L. Charles (Chuck) Evans.
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.