Christine Botosan FASB Presentation
It was truly an honor to have Christine Botosan, a board member on the Financial Accounting Standards Board (FASB), speak to the TCU accounting community about her experiences. Prior to joining FASB, Dr. Botoson served as an accounting professor for the University of Utah, where she became an award winning instructor and researcher. With her expertise in financial statement analysis and valuation, Dr. Botosan provided a unique insight on FASB’s creation of a conceptual framework for financial reporting. Her speech explained the extensive history behind the eight Statements of Financial Accounting Concepts (SPAC) that make up the conceptual framework since FASB’s inception.
Dr. Botosan’s presentation was surprisingly relevant for those of us studying for the financial reporting section of the CPA exam. It was refreshing to hear the perspective of someone who creates accounting standards and guidelines, rather than simply reading the rules out of a book. Dr. Botosan was very transparent in her critiques on past pronouncement failures, as well as definitions and phrases she would apply to the newest pronouncement. It was interesting to learn how FASB has struggled over the past 60 years with perfecting the conceptual framework, and still have more work to do. Using a modern approach, such as incorporating data analytics, could potentially change the way FASB adapts conceptual framework for the future. Overall, Dr. Botosan offered an honest and informative perspective over the workings of the Financial Accounting Standards Board. Maybe one day, students in our Masters of Accounting program will influence the accounting world like Dr. Botosan has.