A Publication of the Accounting Standards Executive Committee and the Accounting Standards Team of the AICPA

Purpose of AcSEC

The Accounting Standards Executive Committee (AcSEC) is the senior technical committee of the Institute for financial reporting. It is authorized to make public statements on behalf of the Institute on financial reporting matters without the clearance of either the Council or the board of directors of the Institute and to clear statements of other committees that include references to financial reporting positions.

The mission of AcSEC is to determine the Institute's technical policies regarding financial reporting standards and to be the Institute's spokesbody on those matters, with the ultimate purpose of serving the public interest by improving financial reporting.

AcSEC accomplishes this mission primarily by—

• Influencing the form and content of pronouncements of the Financial Accounting Standards Board (FASB) and other bodies having authority over financial reporting standards, such as the International Accounting Standards Board (IASB), the Governmental Accounting Standards Board (GASB), and the Federal Accounting Standards Advisory Board (FASAB).
   
• Seeking to identify, through cooperation with other AICPA bodies and others, financial accounting issues for which guidance from the FASB or others is needed.
   
• Providing needed nonauthoritative guidance on financial reporting matters that authoritative-standards setters either are not expected to address or are not expected to address in a timeframe that AcSEC considers desirable.

Meetings

AcSEC generally meets four-six times a year. Meetings are open to the public except for sessions dealing with administrative or confidential matters, which are not open to the public. Near each meeting is a nonpublic meeting of AcSEC's Planning Subcommittee (PSC). The PSC assists the chair of AcSEC in the execution of certain strategic, administrative, and technical responsibilities. With the AcSEC chair, the PSC establishes the AcSEC agenda and sets priorities for AcSEC projects and monitors their progress. It reviews AcSEC agendas, meeting dates, and locations, and it provides such other administrative and technical advice as the chair may request.

Audit and Accounting Guides

The objective of audit and accounting guides is to deal with particular areas in financial reporting that require attention, such as financial reporting of pension plans, or with industries, such as the construction industry, that have specialized accounting practices, significant or unique accounting issues, or unique regulatory considerations.

Various committees or task forces of the Institute may draft and issue audit and accounting guides. However, descriptions of accounting principles and financial reporting practices in audit and accounting guides require the affirmative vote of at least two-thirds of the members of AcSEC and ultimately represent the views of AcSEC. Guides are subject to AcSEC's full due process.

Note that the guides pertaining to nongovernmental entities are not authoritative sources of GAAP. The FASB’s Codification is the single source of authoritative U.S. GAAP for nongovernmental entities.

Letters of Comment

AcSEC is generally responsible for letters of comment to groups outside the AICPA, such as the Securities and Exchange Commission (SEC), the FASB, the GASB, the IASB, the FASAB, or other agencies or groups, on proposals that relate to financial reporting.

Public Statements

As a senior technical committee, AcSEC is authorized by the Council to make public statements without clearance with the Council or the board of directors on matters related to its area of operations.

Members of AcSEC

AcSEC usually consists of 15 members who by and large are members of the AICPA. The chair and members of AcSEC are appointed annually by the chair of the board of the Institute, with the approval of the board of directors. The chair must be a member of the AICPA. The chair may appoint a vice-chair from among the AcSEC membership and delegate certain of the chair's duties to the vice-chair. Each member would normally not serve more than three years, though the chair may serve as chair for up to three years in addition to service as a nonchair member. Former members who have been off AcSEC for at least one year are eligible to become members again.

As of November 2009 the members are:

Members of AcSEC – Biographical Information

Jay Hanson (AcSEC Chair) is a partner and National Director of Accounting in McGladrey & Pullen's National Office, where he is responsible for accounting guidance and training on all accounting topics. Jay began working for McGladrey & Pullen in 1979 and was promoted to partner in 1988. He has served clients ranging from small businesses and not-for-profit organizations to multinational public companies. Jay graduated from Concordia College, Moorhead, Minnesota, with a BA in Business Administration/Accounting and Math.

Back to Member List

David Alexander rejoined JP Morgan Chase in 2008 as a Managing Director and Global Controller of the firm's Chief Investment Office as well as Chief Financial Officer for the firm’s private equity businesses. David first worked at JP Morgan Chase from 2002 through 2007 primarily in a technical accounting capacity before spending one year as a Global Controller in General Electric's Corporate Accounting Center of Excellence. From 1992 to 2002, David worked at Arthur Andersen LLP spending the last two years as a senior manager within the firm's national office. David graduated with honors from New Mexico State University.

Back to Member List

Rick Arpin is the Vice President of Financial Accounting at MGM Mirage. Previously, he was with the Las Vegas office of Arthur Andersen, where his clients included many of the major gaming operators. He was also instrumental in training and firm policy matters related to gaming. At MGM Mirage, Mr. Arpin’s responsibilities include all aspects of external reporting, managing accounting policies, assisting the Company’s operating subsidiaries with accounting and internal control matters, and corporate finance matters. Mr. Arpin is currently a member of the task force which is updating the AICPA Audit and Accounting Guide, Audits of Casinos. Mr. Arpin has also presented on various industry and accounting matters and was the Chairman of the organizing committee for the 28th Annual Nevada Society of CPAs Gaming Conference. Mr. Arpin holds a bachelor’s degree in Accounting and Finance from the University of Nevada Las Vegas and is a licensed CPA in Nevada and Mississippi.

Back to Member List

Rob Axel is Vice President – Chief Accountant for Prudential Financial, heading up the company’s accounting policy function. In this role, he is responsible for the monitoring and implementation of new accounting standards and ensuring the company’s compliance with U.S. GAAP and its consistent application across the company. In addition, Rob has been leading the company’s enterprise-wide efforts surrounding the adoption of International Financial Reporting Standards. Previously, Rob served as VP-Controller of Prudential’s investment portfolio, where he was responsible for the accounting, forecasting, analysis and reporting of investment results as well as overall investment accounting policy. Before joining Prudential, Rob was a Senior Manager in PricewaterhouseCoopers' financial services practice. Rob earned a BA in Accounting from Franklin & Marshall College and is a Certified Public Accountant.

Back to Member List

Kimber Bascom is a partner in KPMG’s Department of Professional Practice in New York. Mr. Bascom specializes in leasing, consolidation, equity method, joint venture and real estate accounting matters. His responsibilities include addressing issues involving the accounting for transfers and servicing of financial assets and derivatives, including issues involving special-purpose entities. Kimber is a principal author of KPMG’s Guide to Consolidation of Variable Interest Entities, an analysis of FASB Interpretation No. 46R. From 2000 to 2002, Kimber was a Practice Fellow at the FASB. He received a BS in Accounting and Business Administration from Atlantic Union College. He holds CPA licenses in Massachusetts, New York, and Texas. Kimber currently serves as a member of the Equipment Leasing and Finance Association’s Financial Accounting Committee.

Back to Member List

Glenn Bradley is partner with Chilton & Medley PLC in Louisville, Kentucky. Glenn has significant accounting and auditing experience in a diverse array of industries, including manufacturing, mining, energy, distribution, real estate, service, agribusiness and retail, specializing in mergers and acquisitions, due diligence, complex transaction analysis, working capital settlements, debt and equity offerings and reorganizations. At his firm, Glenn also serves as a technical resource in a variety of areas and leads the Manufacturing and Distribution industry group. He graduated with Bachelor of Arts in Accounting, with honors, from Bellarmine University in Louisville, Kentucky. Glenn holds a CPA license to practice in Kentucky and New York. Glenn is a member of FASB’s Small Business Advisory Committee. He frequently lectures on a variety of accounting issues.

Back to Member List

Jim Dolinar is a Partner with Crowe Horwath LLP and is currently the Partner In-Charge of Accounting of the Assurance Professional Practice (APP), which serves as the firm’s national office. As a member of APP he also participates in peer review and other inspections, including PCAOB, coordinates, develops and instructs training courses, and performs pre-issuance review of public and private annual reports and filings. Jim has more than 25 years of experience in public accounting, focusing on business combinations, revenue recognition and matters affecting financial institutions. Prior to APP, he served both public and private company clients as an audit partner in commercial industries, specializing in manufacturing, distribution and construction. Jim has a B.S. in Accounting from Northern Illinois University. 

Back to Member List

Chuck Evans is a partner in the Accounting Principles Group of Grant Thornton LLP. His areas of specialization include business combinations, accounting for income taxes, and share-based compensation. Prior to joining Grant Thornton’s National Office, Chuck was an assurance partner in the Houston office, where he served private and public companies in a number of industries, including oil and gas exploration, manufacturing and distribution, and retail. Chuck holds a BBA in Accounting from Texas A&M University.

Back to Member List

Bruce Johnson is the Director of Professional Programs in Accounting and Sidney G. Winter Professor of Accounting at College of Business Administration at the University of Iowa.  Prior to joining the Iowa faculty in 1988, he held various faculty positions at the University of Chicago, Northwestern University, and the University of Wisconsin.  He has also taught at the Chinese European International Business School (Beijing and Shanghai).  He is a member of several Advisory Boards and a board member for The AdTrack Corporation.  Bruce co-authored Financial Reporting and Analysis (4th Ed.), a textbook for securities analysts, credit analysts, accountants, and auditors and wrote numerous scholarly publications in academic and professional journals.  Bruce received Bachelor of Science in Accounting from the University of Oregon, and Master of Science and Ph.D. in Accounting from The Ohio State University.

Back to Member List

Joe McGarth is a Partner in Ernst & Young’s Department of Professional Practice in Washington DC where he specializes in consolidations matters, including FIN 46(R), equity method investments and segments. In this role, Joe is responsible for developing the firm’s interpretative guidance, interacting with standard setters, and advising clients and engagement teams throughout the Americas Practice on the aforementioned topics. In addition, Joe is an Americas representative on the Firm’s Global IFRS Subject Matter Group. Prior to being admitted to Ernst & Young’s partnership, Joe completed a two year appointment as a Professional Accounting Fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC) where he served as a subject matter specialist with respect to consolidations, fair value measurements, business combinations, and derivatives. Joe earned a Bachelors of Science in Economics with a Concentration in Accounting from the University of Pennsylvania’s Wharton School of Business. Joe is a member of the AICPA and is a Certified Public Accountant in Pennsylvania and the District of Columbia.

Back to Member List

Angela Newell is the Senior Director of Accounting Practices for NEWAsurion Corporation, a private company headquartered in Nashville, Tennessee. NEWAsurion’s primary lines of business are providing wireless handset insurance and extended warranty protection for consumer electronic products. In that role, Angela is primarily responsible for managing accounting policies and assisting the company’s operating subsidiaries and corporate accounting teams with accounting issues. Prior to joining NEWAsurion, Angela served as the Assistant Controller and Vice President of Billing for Windstream Corporation.  From 1996 to 2002, Angela worked at Arthur Andersen LLP, concluding her career in public accounting in the firm's national office.  Angela earned a Master's degree in Accounting and a Bachelor of Science degree, with honors, in Math from the University of Arkansas, and is a licensed certified public accountant in the state of Arkansas.

Back to Member List

Jonathan Nus is a director at Standard & Poor’s Ratings Services in New York. Having joined Standard & Poor’s in June 2005, Jonathan provides direction on the manner in which financial statement information is analyzed and incorporated into Standard & Poor’s financial analysis and ratings considerations for entities predominantly within the U.S. Industrial sectors. He supports Standard & Poor’s analysts, as well as CPAs in the industry analytic teams as they address the increasing complex emergence of accounting and financial reporting matters. Prior to joining Standard & Poor’s, Jonathan served in Deloitte & Touche LLP’s National Office - Mergers and Acquisition group. In that role, he advised large private equity investors and others on accounting and financial structuring issues. Jonathan also provided audit services for firms across a wide spectrum of industries, serving in the assurance and advisory practice of Deloitte & Touche LLP’s New York office. Jonathan is a licensed CPA in New York and a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. He received a B.S. in Accounting from Brooklyn College and an M.B.A, with a concentration in Finance, from New York University – Stern School of Business.

Back to Member List

Rich Paul is a partner in the Accounting Standards and Communications Group in Deloitte & Touche LLP’s National Office in Wilton CT. His areas of expertise include the accounting for income taxes, business combinations, revenue recognition and other topics. Richard is responsible for monitoring the activities of the various standard setters, preparing responses to exposure drafts and discussion documents, developing firm guidance, and writing internal and external publications on newly issued accounting guidance. Richard recently completed a two year assignment with the Financial Accounting Standards Board as a Practice Fellow. Richard graduated from Baruch College with a Bachelor of Arts in Accountancy. Richard is a member of the AICPA and is a licensed CPA in the states of New York and Connecticut.

Back to Member List

Terry Spidell is the Controller at VeriSign, Inc., a registry of internet domain names and provider of authentication and trust services to businesses worldwide. VeriSign is located in Mountain View, California. Before joining VeriSign, Inc. Terry was a Senior Manager within the assurance practice of PricewaterhouseCoopers’ San Jose, California office. During this time Terry served clients within the semiconductor, life science, retail, and financial services industries, which included a two-year tour of duty with PwC’s national office providing consultation services to engagement teams in the areas of revenue recognition, accounting for income taxes and segment reporting. Terry graduated from Boise State University and is a Certified Public Accountant licensed in the States of Idaho and California.

Back to Member List

Dan Zwarn is an Accounting Consulting Services Partner within PwC's National Professional Services Group, which has responsibility for formulating the firm’s positions on technical accounting, auditing and SEC reporting matters. Dan is a member of the National Office Revenue and Compensation technical teams and has worked extensively with companies in the Technology industry.  Dan has been the firm's representative on several of the EITF working groups on revenue-related matters and has also authored numerous other publications relating to revenue recognition and compensation-related topics.  Dan has significant experience serving a variety of clients in the technology industry. Dan is a licensed CPA in the states of California and New Jersey.