FASB Selects 11 Professionals to Sit on Emerging Issues Task Force

The Financial Accounting Standards Board (FASB) on April 3 named 11 members to its newly reconstituted Emerging Issues Task Force (EITF).

The task force, formed in 1984, assists the FASB in improving financial reporting by identifying and developing proposed solutions to address narrowly scoped financial accounting issues within the framework of the FASB Accounting Standards Codification.

“During our recent agenda consultation, stakeholders suggested potential improvements to enhance the efficiency of the interpretive process and more effectively utilize the resources of this talented group of professionals,” FASB Chair Richard Jones said in a statement. “Based on that feedback, we revised the EITF’s membership makeup and operating procedures in ways aimed at achieving those objectives and maintaining the transparency that is critical to the group’s process.”

The members of the reconstituted EITF are:

Thomas Barbieri, Chief Accountant, PwC LLP
Paul Beswick, Chief Accountant, Ernst & Young LLP
Jack Ciesielski, President, R.G. Associates
David Gonzales, Vice President—Senior Accounting Analyst, Moody’s Investors Service, Inc.
Robert Malhotra, Chief Accountant, KPMG LLP
Kevin McBride, Corporate Controller and Chief Accounting Officer, ServiceNow
Dan Palomaki, Managing Director, Citigroup
Jeremy Perler, Managing Partner, Schilit Forensics
Matthew Schell, Chief Accountant, Crowe LLP
Kate Sturgess, Controller and Chief Accounting Officer, American Electric Power
Curt Weller, Chief Accountant, Deloitte & Touche LLP.

As part of its new operating procedures, the EITF will have the ability to manage its own agenda and accept potential agenda requests directly from external stakeholders, the FASB said. By majority vote of its members, the EITF will provide recommendations to the FASB to:

Add projects to the FASB’s technical agenda, and
Offer recommended solutions for the board’s consideration.

The FASB plans to host an EITF meeting in June.