Biography

Ed Trott was a member of the Financial Accounting Standards Board (FASB) from October 1999 to June 2007. Prior to being appointed to the FASB, Ed was involved in accounting standard setting as a member of the FASB’s Emerging Issues Task Force (EITF) for 7 years and the AICPA’s Accounting Standards Executive Committee (AcSEC) for approximately 3 years.

Ed worked with KPMG for over 31 years. He started in the Greensboro, N.C. office in 1968 and was the head of the Firm’s Accounting Group in the national office from 1992-1999. He also worked in the Tampa, FL. office for 7 years and the national office from 1977-1982 and 1989-1992.

Ed earned a bachelor’s degree from the University of North Carolina and an MBA from the University of Texas.

Presentation Summary

The Use of Fair Value Measurements in Financial Reporting

Key speaking points include:

1. Fair value measurements have been part of financial reporting for many years and Statement 157 provides guidance on making those measurements but does NOT require additional measurements.

2. Why does a standard setter require the use of fair value measurements?

3. Making and auditing fair value measurements is more objective and easier than making and auditing a prediction of the ultimate value of an asset or liability!