FASB appoints four new members to investor advisory committee

The Financial Accounting Standards Board (FASB) in the US has expanded its Investor Advisory Committee (IAC) with four new appointments.

The new members are Rhett Brown of Lazard Asset Management, Larry Lee of JP Morgan Asset Management, Allen Puwalski of Cybiont Capital, and Kate Konetzke of Morgan Stanley.

Brown serves as a managing director and research analyst at Lazard Asset Management, concentrating on healthcare companies.

Lee is a managing director within JP Morgan Asset Management’s US Equity Group, working as both portfolio manager and research analyst.

Puwalski is a founding partner and chief investment officer at Cybiont Capital, a firm that concentrates on in-depth bank analysis and community bank investment strategies.

Konetzke is a vice-president in equity research at Morgan Stanley and is part of the Global Valuation Accounting and Tax group.

FASB said the IAC is unique among its advisory groups as it consists only of investors.

It added that IAC engages with FASB to help ensure that investor needs and viewpoints are reflected in the creation and revision of accounting standards.

IAC provides feedback on key projects on FASB’s agenda, key trends and other investor interests.

Its membership spans buy-side and sell-side investors, equity and credit analysts, and representatives from ratings agencies.

FASB chair Richard R. Jones said: “The IAC provides input to the FASB that is critically important to our mission to establish and improve financial accounting and reporting standards used by investors in their capital allocation decisions.

“Rhett, Kate, Larry, and Allen each brings to the table a wealth of experience and insight from different investing vantage points and we look forward to their contributions to our committee discussions.”

Last December, FASB released an accounting standards update providing official guidance on accounting for government grants that business entities receive.