SEC names financial reporting committee members

Christopher Cox, the Securities and Exchanges Commission (SEC)’s chair, announced the members of the new Committee on Improvements to Financial Committee yesterday.

The committee, created in June, will have 16 members:
• Denny Beresford, an accounting professor at the University of Georgia’s JM Tull School of Business and an ex-chair of the Financial Accounting Standards Board;
• Susan Bies, a Federal Reserve Board Governor from 2001 until earlier this year;
• Michael Cook, a former chair and chief executive at Ernst & Young, one of the big-four accounting firms;
• Jeffrey Diermeier, president and chief executive of CFA, a trade body and training organisation for investment professionals;
• Scott Evans, executive vice-president of asset management at pension fund TIAA-CREF;
• Linda Griggs, a partner at the Washington office of law firm Morgan Lewis;
• Joseph Grundfest, a professor of law and business at Stanford University and a former SEC Commissioner;
• Greg Jonas, managing director of ratings agency Moody’s Investors Service;
• Christopher Liddell, chief financial officer at Microsoft;
• William Mann, a senior investment analyst at financial education company Motley Fool;
• Edward McClammy, senior vice-president, chief financial officer and treasurer at technology company Varian;
• Edward Nusbaum, chief executive of accounting firm Grant Thornton;
• James Quigley, chief executive at big-four accounting firm Deloitte Touche Tohmatsu;
• Robert Pozen, chair of mutual fund MFS investment management and a former associate general counsel for the SEC;
• David Sidwell, chief financial officer at Morgan Stanley;
• Peter Wallison, senior fellow at the American Enterprise Institute for Public Policy Research, a think tank;
• Thomas Weatherford, who sits on the board of various public and private companies.

Pozen will chair the committee.

Five others will supervise the committee:
• Robert Herz, chair of the Financial Accounting Standards Board;
• Charles Holm, associate director and chief accountant (banking supervision and regulation), at the Federal Reserve;
• Phil Laskawy, chairman of the trustees at the International Accounting Standards Committee Foundation;
• Mark Olson, chair of the Public Company Accounting Oversight Board;
• Kristen Jaconi, a senior policy adviser to the undersecretary for domestic finance at the US Treasury.

Cox said: “The committee members each represent key constituencies in our capital markets. I know we can count on them to thoroughly study these issues and recommend improvements that will keep the US financial reporting system as the gold standard for the world.”

The committee was set up to deal with the increasing complexity of financial reporting. The committee will discuss ways to redesign the financial reporting system in order to take advantage of new technologies such as interactive data and the XBRL computer language.

The committee will hold its first meeting on August 2 in Washington.

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