Committees and Task Forces
THOUGHT LEADERSHIP > COMMITTEES AND TASK FORCES
Committee and task force participation for national organizations, including the American Institute of Certified Public Accountants (AICPA), provides opportunities for Brown Smith Wallace Financial Advisory Services (FAS) professionals to interact with other leaders of in our profession to both help contribute to the continued development of knowledge and practice as well as to gain additional insight on current practice and trends. Below is a listing of current and past committee and task force participation by our FAS professionals.
AICPA Task Force on In-Process Research & Development – 2009 to Current
Brad Pursel is a member of the AICPA Task Force on In-Process Research and Development (IPR&D), which is focused on developing guidance related to accounting and valuation of in-process research and development and other more generally applicable fair value guidance. The AICPA IPR&D Task Force is writing an update of the AICPA Practice Aid titled Assets Acquired in a Business Combination to Be Used in Research and Development Activities: A Focus on Software, Electronic Devices & Pharmaceutical Industries, which was published in 2001. The update is necessary to reflect numerous changes in accounting standards and valuation practice since the original publication date. For instance, one new accounting standard in effect for most companies in 2009, significantly changes the accounting for acquisitions and, in the case of research and development and certain other assets and liabilities, leads to more complex accounting and valuation issues post-acquisition date.
In addition to Brown Smith Wallace, firms represented on the task force include Microsoft, Cisco Systems, Eli Lilly, Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers, McGladrey, and Grant Thornton.
AICPA Business Valuation Committee – 2007 to Current
Donna Beck Smith served a three year term as a member of a small number of CPA valuation experts serving as on the AICPA’s Business Valuation Committee. The AICPA’s Business Valuation Committee provides leading-edge technical guidelines and high-quality educational offerings to CPAs practicing in the area of valuation services. Additionally, the committee monitors legislation impacting CPAs’ ability to provide valuation services.
Brad Pursel was appointed to serve as a member of the AICPA Business Valuation Committee for a term beginning in October 2011.
Appraisal Issues Task Force – 2007 to Current
Brad Pursel is a member of the Appraisal Issues Task Force (AITF). The AITF is a voluntary group of professional appraisers who wish to improve the practice of valuation. The Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) are increasingly looking for information regarding fair value. The AITF is designed to help establish and interpret existing rules and it works with the FASB and the SEC to evaluate proposals and recommend methodology, assumptions and approaches.
AICPA Fair Value Resource Panel– 2008
Brad Pursel served as a member of the AICPA Fair Value Resource Panel, which was focused on identifying topics for development of best practice guidance related to fair value measures for financial reporting purposes. The AICPA had previously established plans to develop non-authoritative detailed implementation guidance on specific topics related to fair value measurements in financial reporting. The guidance was to focus on how-to (and/or what-not-to-do) guidance on a particular U.S. Generally Accepted Accounting Principles (GAAP) topic, such as an intangible asset or a financial instrument, and would address auditing considerations related to that topic.
The AICPA Fair Value Resource Panel identified and recommended numerous topics where implementation guidance was necessary, which included topics related to equity issued for compensation, in-process research and development, impairment testing, and alternative investments.
Please contact the Brown Smith Wallace FAS team to learn more about any of our Thought Leadership activities.
