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Understanding FSP FAS 157-4: Expanded Fair Value Guidance
Linda A. MacDonald
Senior Managing Director - Forensic and Litigation
FTI Consulting
Linda A. MacDonald is a senior managing director in the FTI Forensic and Litigation Consulting segment and is based in New York. Ms. MacDonald recently joined FTI after nearly 12 years at the Financial Accounting Standards Board (FASB), where she was a director. Previously, she was a member of the staff of the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) in Washington, DC and held positions with national public accounting firms. Her nearly 25 years of diverse professional experience gives her a unique perspective in working with clients to identify, understand, and solve critical financial accounting and reporting issues facing companies today.
While at the FASB as a director and before that as a project manager, Ms. MacDonald was involved in establishing U.S. accounting standards and coordinated with the International Accounting Standards Board (IASB) in London on convergence with international accounting standards (IFRS). She managed the projects that established the FASB’s accounting standards on fair value measurements (SFAS 157), restructuring liabilities (SFAS 146), and asset impairments (SFAS 144), and advised on implementation of the standards after they were issued. She also managed the FASB’s initiative on principles-based standards and contributed to FASB publications, including, “Some Facts about Fair Value,” (May 2008) and, The IASC-U.S. Comparison Project: A Report on the Similarities and Differences between IASC Standards and U.S. GAAP (1999).
Ms. MacDonald began her career as an auditor for a national public accounting firm (now Deloitte & Touche, LLP). She joined the SEC in 1987 and worked on enforcement investigations into possible fraud and violations of GAAP and GAAS associated with the financial statements of public companies. After leaving the SEC, she held positions with national public accounting firms where she provided litigation consulting services on SEC enforcement investigations, criminal investigations, and shareholder litigation involving accounting and reporting issues, financial fraud, and securities fraud.
Ms. MacDonald has been a frequent speaker on accounting topics at national industry and professional conferences and other events. She holds an M.B.A in finance from American University and a B.A. in economics and management from Albion College. She is a certified public accountant and a former member of the Technical Standards Subcommittee of the AICPA Ethics Committee.
Sean McKee
Audit Sector Leader - Investment Management
KPMG LLP
Sean is KPMG’s Audit Sector Leader for the Investment Management Practice responsible for the timely identification, development and dissemination of industry specific accounting and auditing information. Sean has served the asset management industry for nearly 17 years. Sean serves a number of investment management and alternative investment clients. In addition to his client service responsibilities, Sean is an instructor and developer of KPMG’s audit and investment management national training courses and part of a select group of partners within the firm responsible for concurring reviews of SEC registrants.
Sean has served the complete spectrum of investment management clients, including hedge funds, private equity funds, infrastructure funds, commodity pools, mutual funds, and asset managers.
Sean received a B.S. degree in business administration with honors, with a concentration in accounting from The Ohio State University. He is a member of the AICPA and The National Investment Company Service Association and is a licensed CPA in seven states.
Louis Fanzini, CPA
Director, Accounting Policy Group
Credit Suisse
Louis (Lou) Fanzini is a Senior Director of Technical Accounting and Research at Credit Suisse. In this role, he holds a leadership position focusing on providing both US and IFRS technical accounting advice on all investment banking matters.
Lou is a former FASB Industry Fellow and served as a project manager on accounting and reporting matters related to financial instruments and the investment banking and broker-dealer industries.
Lou has previously held positions in the front office as an equity analyst, a technical accounting advisor in J.P. Morgan & Co’s accounting policy group and as a public accountant leading audit engagements of broker-dealers, banks, and hedge funds.
Lou is a frequent speaker at seminars and conferences focusing on accounting issues related to financial instruments and other technical accounting developments. He holds a masters degree from Fordham University in Finance and Management, is a CPA and holds Series 7 and 63 General Securities licenses.
Michael R. Young
Partner
Willkie Farr & Gallagher LLP
Named by Accounting Today as one of the “top 100 most influential people in accounting,” Michael R. Young is a litigation partner at New York’s Willkie Farr & Gallagher where he concentrates on securities and financial reporting with a particular emphasis in accounting irregularities. For more than twenty-five years, Mr. Young has represented officers, directors, audit committees, accounting firms, outside professionals, and companies in securities class actions, SEC proceedings, and special investigations. His trial work includes the landmark victory for the defense in the first class action tried to a jury pursuant to the Private Securities Litigation Reform Act of 1995. Mr. Young has served as a member of the Financial Accounting Standards Advisory Council to the Financial Accounting Standards Board and also serves as counsel to the American Institute of Certified Public Accountants.
A prolific author on the subjects of financial reporting, audit committee effectiveness and the role and responsibilities of the independent auditor, Mr. Young’s publications include The Financial Reporting Handbook (Aspen 2003) and Accounting Irregularities and Financial Fraud (Aspen 3d ed. 2006). Mr. Young is a much sought commentator on accounting issues, and has been regularly quoted in such publications as The Wall Street Journal, The New York Times, Fortune, Forbes, USA Today, The Washington Post, and The National Law Journal. He has also appeared as an invited guest on CNN, MSNBC, and CNBC.
Mr. Young is a graduate of Allegheny College and the Duke University School of Law, where he was research and managing editor of the Duke Law Journal.
Understanding FSP FAS 157-4: Expanded Fair Value Guidance
Speaker Firms:
Willkie Farr & Gallagher LLP
Upcoming events.