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.