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
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.