The Financial Accounting Standards Board (FASB) has announced the members of its newly reconstituted Emerging Issues Task Force (EITF). The mission of the EITF is to assist the FASB in improving financial reporting through the timely identification and development of proposed solutions to address narrowly scoped financial accounting issues within the framework of the FASB Accounting Standards Codification®.

Commenting on this, FASB chair, Richard Jones, said: “During our recent agenda consultation, stakeholders suggested potential improvements to enhance the efficiency of the interpretive process and more effectively utilise the resources of this talented group of professionals.

“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:

  • PwC chief accountant, Thomas Barbieri
  • EY chief accountant, Paul Beswick
  • R.G. Associates president, Jack Ciesielski
  • Moody’s Investors Service vice president, David Gonzales
  • KPMG chief accountant, Robert Malhotra
  • ServiceNow corporate controller and chief accounting officer, Kevin McBride
  • Citigroup managing director, Dan Palomaki
  • Schilit Forensics managing partner, Jeremy Perler
  • Crowe chief accountant, Matthew Schell
  • American Electric Power controller and chief accountant, Kate Sturgess
  • Deloitte chief accountant, Curt Weller

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. By majority vote of its members, the EITF will provide recommendations to the FASB to both add projects to the FASB’s technical agenda and offer recommended solutions for the board’s consideration.

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