Facts about FASB
Board Members
Lawrence W. Smith
Board Member
Lawrence W. Smith was appointed to the Financial Accounting Standards Board (FASB) for a five-year term beginning on July 1, 2007. As part of the seven-member Board he is responsible for advancing the Board’s mission to establish and improve financial accounting and reporting standards to increase transparency for users of financial reports and increasing investor confidence in the capital markets.
Prior to his appointment, Mr. Smith spent five years as FASB Director–Technical Application and Implementation Activities. In this role, he managed FASB activities related to application and implementation issues and served as chairman of its Emerging Issues Task Force (EITF).
Mr. Smith joined the FASB staff in 2002 after a distinguished 25-year career at KPMG. He was a partner with KPMG from 1988 to 2002, headquartered most recently at its Stamford, Connecticut office. From 1992 to 1996 he served as a partner in the firm’s Department of Professional Practice in New York.
During his tenure with KPMG, he also served as engagement partner and SEC reviewing partner for a number of international Fortune 1000 clients. Active in the accounting profession, he is a past member of the Technical Standards Subcommittee of the Professional Ethics Committee of the AICPA.
Mr. Smith earned his Master of Science degree in accounting from Northeastern University.
lwsmith@fasb.org
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