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Statement 157 Implementation Issues
Craig Stevens
Senior Manager, Regulatory & Capital Markets Consulting
Deloitte & Touche
Craig Stevens is a senior manager in Deloitte’s Regulatory & Capital Markets Consulting practice. He has 10 years of experience working on banking and insurance clients providing accounting advisory and audit services. Craig currently supports clients with accounting and valuation matters related to investments and financial instruments with a focus on securitizations, mortgage loans and servicing assets, derivatives, real estate, and consolidation matters.
Prior to joining Regulatory & Capital Markets Consulting, Craig served as an audit manager with the Deloitte Touche Tohmatsu member firm in Hong Kong. While in Hong Kong, he was the lead engagement manager on several United States and European based companies performing audits and financial statement preparation for banks and insurance companies in mainland China and Hong Kong. This involved translations/reconciliations of People’s Republic of China GAAP (PRC GAAP), Hong Kong GAAP (HK GAAP), and IFRS into US GAAP.
Craig holds an MBA, in a dual-degree executive program, from Columbia Business School and London Business School.
Scott A. Taub
Managing Director
Financial Reporting Advisors, LLC (FRA)
Scott A. Taub joined Financial Reporting Advisors, LLC (FRA) as a Managing Director in 2007. Based in Chicago, Illinois, FRA provides consulting services related to accounting and SEC reporting and litigation support services.
From September 2002 through January 2007, Mr. Taub was a senior official at the Securities and Exchange Commission (SEC). As a Deputy Chief Accountant, he played a key role in the SEC’s implementation of the accounting reforms under the landmark Sarbanes-Oxley Act, and was responsible for the day-to-day operations of the Office of the Chief Accountant, including resolution of accounting and auditing practice issues, rulemaking, oversight of private sector standard-setting efforts, and regulation of auditors.
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Mr. Taub represented the SEC in many venues, including the FASB and IASB’s advisory committees, and in front of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. He also served as the SEC Observer to the FASB’s Emerging Issues Task Force (EITF) and as Chair of the Accounting and Disclosure committee of the International Organization of Securities Commissions (IOSCO). He twice served as Acting Chief Accountant for a total of 14 months. Mr. Taub also was a member of the SEC staff between 1999 and 2001 as a Professional Accounting Fellow in the Office of the Chief Accountant.
Prior to September 2002, Mr. Taub was a partner in Arthur Andersen's Professional Standards Group (PSG). The role of the PSG within Andersen was to consult on complex financial reporting matters; establish and disseminate Andersen’s policies regarding financial reporting matters; and represent the firm before various standards setters including the FAB, SEC, AICPA, and IASB. Mr. Taub consulted and authored interpretive guidance for Andersen on a wide variety of accounting and reporting issues, including revenue recognition, business combinations, compensation arrangements, intangible assets, and investment accounting. Prior to joining the PSG, he was member of the audit practice in the firm’s Detroit office serving publicly held and privately owned companies in a variety of industries.
Mr. Taub is a frequent speaker, having addressed numerous audiences sponsored by a variety of organizations such as the Financial Executives International, the AICPA, the Institute of Management Accountants, the Securities Regulation Institute, and the Practising Law Institute. He was the primary author of several SEC reports and publications, including the Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002 On Arrangements with Off-Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers and the Study Pursuant to Section 108(d) of the Sarbanes-Oxley Act of 2002 on the Adoption by the United States Financial Reporting System of a Principles-Based Accounting System. He is also co-author of the Revenue Recognition Guide, an 800-page comprehensive guide to accounting for revenue recognition published by CCH.
Mr. Taub attended the University of Michigan in Ann Arbor, where he received an undergraduate degree in economics in 1990, and won the William A. Paton Award for his performance on the CPA exam. In 2005 Mr. Taub won the SEC’s award for Supervisory Excellence. He is a licensed CPA in Michigan and is a member of the American Institute of Certified Public Accountants.
Elie Zabal
Senior Vice President
Treasury and Regulatory Compliance Division
Mr. Elie Zabal serves as Senior Vice President of the Treasury and Regulatory Compliance Division for Triple Point Technology. He is responsible for addressing the treasury management, corporate governance and regulatory compliance requirements of organizations in Triple Point's core markets through a comprehensive solution set centered on commodity hedge accounting and fair value level setting. Before joining Triple Point, Mr. Zabal was the founder and CEO of Investment Support Systems, Inc. (INSSINC). Under his direction, INSSINC successfully developed a full line of integrated Risk Management and Derivatives software solutions, making the company a global industry leader with solutions implemented worldwide. He was instrumental in developing all of INSSINC's risk management, accounting and compliance systems.
Prior to INSSINC, Mr. Zabal was Vice President at Societé Generale New York, where he was responsible for the automation of the bank's U.S. dealing operations. He began his banking career at Security Pacific International Bank (Bank of America) and specialized in foreign exchange and money market dealing operations. Mr. Zabal has spent his entire career designing complex trading systems for the areas of derivatives, finance and accounting. His software systems have been implemented in over two hundred banks, sixty energy companies and fifteen commodity houses.
Mr. Zabal has been invited to speak at numerous conferences on the subjects of risk management, hedge accounting and fair value standards.
Richard Marshall
Partner
Ropes & Gray, LLP
Richard Marshall is a partner in the Investment Management and Securities Litigation groups of Ropes & Gray. Since entering private practice, Rick has conducted compliance reviews and provided compliance counseling for investment companies, investment advisers, hedge funds, and broker-dealers; represented individuals and regulated entities in inspections, investigations, and litigation against the Securities and Exchange Commission, self-regulatory organizations, state securities regulators, and U.S. Attorney's offices; created hedge funds; provided advice on the creation of new products for investment companies, investment advisers, hedge funds, and broker-dealers; and counseled investment companies, investment advisers, hedge funds, and broker-dealers on regulatory matters.
Before joining Ropes & Gray, Rick had been Senior Associate Regional Administrator in the New York office of the Securities and Exchange Commission. In that position, he supervised a staff of seventy that conducted inspections of investment companies and advisers in the New York region and oversaw enforcement matters related to those entities. Rick has also been a branch chief in the Division of Enforcement of the Securities and Exchange Commission in Washington, D.C.
Kurt S. Schulzke
Special Counsel
Slappey & Sadd, LLC
Kurt Schulzke is an attorney and CPA. He obtained his B.S. in Accounting and Master of Accountancy at Brigham Young University, in 1986. Thereafter, he moved to Atlanta, working first as an auditor and then as tax consultant at Price Waterhouse, until 1990. He then joined the faculty at the Coles College of Business where he is an Associate Professor of Accounting and Fellow of the Coles College Internal Audit Center. He is a member of the Georgia State Bar and American Institute of Certified Public Accounts (AICPA).
Kurt is licensed to practice in all Georgia State courts, including the Georgia Supreme Court, and in the United States District Court for the Northern District of Georgia. He earned his Juris Doctor, cum laude, at the Georgia State University College of Law, in 1998. He is an alumnus of the Johannes-Kepler Universitaet-GSU Program on International Commercial Arbitration and the Harvard Program on Negotiation’s Teaching Negotiation in the Organization.
Since 1998, as a member of the Georgia Bar, he has served a variety of clients in corporate, securities, tax and qui tam cases. He is an Associate Member of the Association of Certified Fraud Examiners (ACFE). Kurt is lead co-author of World Accounting, a multi-volume Lexis-Nexis treatise on global financial reporting and has delivered seminars on financial reporting, corporate governance, corporate ethics and negotiation in major U.S., European and Latin American financial centers. He has published in the American Business Law Journal, Journal of Forensic Accounting and the Journal of Executive Education.
Kurt has served family-owned businesses as a board member, CFO, and general counsel. In the qui tam arena, Kurt works as special counsel with Slappey & Sadd, LLC.
Statement 157 Implementation Issues
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