Last modified: Monday, November 21, 2011
IU Kelley School professor joins Financial Accounting Standards Board advisory council
FOR IMMEDIATE RELEASE
Nov. 21, 2011
BLOOMINGTON, Ind. -- Patrick Hopkins, professor of accounting at Indiana University's Kelley School of Business, has been named to the advisory council for the Financial Accounting Standards Board.
The Financial Accounting Standards Advisory Council is a group of about 35 chief executive officers, chief financial officers, senior partners, academics and analysts who meet quarterly with the FASB to advise board members on financial reporting issues that affect its vast constituents.
Hopkins' appointment was announced by the Financial Accounting Foundation, which is responsible for oversight, administration and finances of the FASB and its counterpart for state and local government, the Governmental Accounting Standards Board.
"I look forward to assisting with the oversight of the FASB's activities and to bringing the perspectives of finance and accounting research to the task," Hopkins said. "I'm especially excited about the many things I'm going to learn through my interactions with the company executives, investors, regulators and other professionals who work on FASAC, and then sharing those lessons with my students and colleagues."
Hopkins, who is the Deloitte Foundation Accounting Faculty Fellow at Kelley, was honored by the American Accounting Association earlier this year with the Distinguished Contributions to Accounting Literature Award for research that led the FASB to change reporting rules, making it harder for companies to hide controversial accounting practices.
"Professor Hopkins' appointment to FASAC reflects his ability to marry deep knowledge of academic research with an outstanding understanding of business to arrive at critical insights on financial reporting issues," said Laureen Maines, chair of the accounting department at the Kelley School and the KPMG Professor of Accounting.
His one-year appointment begins Jan. 1 and can be renewed for up to three additional years.
Since 1973, the FASB has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors and others rely on credible, transparent and comparable financial information. For more information, visit www.fasb.org.