Garnett, Burnap, Hamel Named to Advisory Panels
On February 25, FASB and its parent organization, the Financial Accounting Foundation (FAF), announced appointments to two advisory panels. Karen Garnett has been named to the Financial Accounting Standards Advisory Council (FASAC), while Nichole Burnap and Mark Hamel were appointed to the Investor Advisory Committee (IAC). Garnett, a former SEC staffer, is a partner at Proskauer Rose LLP. She left a position as associate director of the SEC’s Division of Corporation Finance to join the law firm last year. “Ms. Garnett’s expertise in SEC and regulatory matters under the federal securities laws will enhance the robust input the FASAC provides to the FASB,” board Chairman Russell Golden said in a statement. Burnap is a forensic accounting analyst at Glenview Capital, while Hamel owns Assay Research. “Ms. Burnap and Mr. Hamel each brings to the IAC unique investor experiences and perspectives, as well as a strong commitment to improving financial reporting,” Golden said in the statement. The FASAC is FASB’s chief advisory committee, advising the standards setter on agenda items and other matters. The IAC, which draws its membership from investors and analysts, also makes recommendations on FASB standards setting.
Updated Edition of Audit and Accounting Guide for Revenue Recognition Released
On February 22, the AICPA released an updated version of the Audit and Accounting Guide for Revenue Recognition. The 2019 edition reflects new and updated industry implementation issues since the last edition was published in 2018, and includes guidance on FASB Accounting Standards Update (ASU) 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606. FASB has said that when a collaborative participant is a customer, the contract may need to be accounted for according to FASB Accounting Standards Codification Topic 606, “Revenue From Contracts With Customers,” including the recognition, measurement, presentation, and disclosure requirements. The AICPA said the updated revenue recognition guide also includes a comprehensive set of indexes.
Cohen Named Acting Chief Counsel for OCA
On February 21, the SEC named Giles Cohen as acting chief counsel for the Office of the Chief Accountant (OCA). Cohen, who has spent nearly three years as the OCA’s deputy chief counsel, “has a deep knowledge of the U.S. financial reporting system, the oversight activities for the Financial Accounting Standards Board and the Public Company Accounting Oversight Board, the disqualification and reinstatement of accountants, and the other responsibilities of OCA,” said SEC Chief Accountant Wes Bricker in a statement. Cohen held positions at Wilmer Cutler Pickering Hale and Dorr LLP and Davis Polk & Wardwell LLP prior to joining the SEC in 2005 as Division of Enforcement senior counsel. He also worked as counsel for former SEC Commissioner Luis Aguilar. The OCA’s longtime chief counsel, Jeffrey Minton, retired in January.