Update on Recent FASB Projects of Interest to the Construction Industry, Sureties, and Auditors

Kenny Bement is FASB project manager on the joint FASB-IASB Revenue Recognition project. His efforts at the FASB, in collaboration with the IASB, have led to the FASB’s publication of the 2008 Discussion Paper, the 2010 and 2011 Exposure Drafts, and eventually the new revenue standard (ASC 606) on revenue from contracts with customers. Bement is a Certified Public Accountant (CPA), a Certified Management Accountant (CMA), and a Certified Financial Manager (CFM). He has a Master of Accountancy degree and a Minor in Information Systems Management from the Marriott School of Management at Brigham Young University.

Kevin Catalano is a practice fellow at FASB.  He works directly with Board members and staff of the FASB and the International Accounting Standards Board, along with staff from the SEC, PCAOB, AICPA, and management from Fortune 50 corporations to small privately-held companies, to develop and improve various accounting standards. This includes working directly with members of the Emerging Issues Task Force (EITF) and gaining unique insights into the capital markets as a result of interacting closely with many equity investors, lenders, and analysts. He also presented regularly at accounting and industry conferences around the U.S. where he delivered plain-English and concise financial accounting and reporting updates to educate thousands of business professionals.

Mr. Catalano is a CPA in CT, NY, and NJ and a member of the American Institute of Certified Public Accountants. I hold a B.S. in accounting from Fairfield University, magna cum laude.

Bill is an audit partner serving significant public and private companies, primarily with manufacturing, professional services and technology industries. With over 20 years of service to Grant Thornton, Bill’s experience including providing technical guidance on current accounting, internal control, auditing, PCAOB, financial reporting and SEC developments and providing business advice and insights to executives and audit committee members. He is also a member of the audit leadership team managing the New York and New England audit practices. Bill formerly served as the Professional Standards Partner servicing the offices and clients in New England focused on risk and practice management for several years. He also served a two-year term as a Practice Fellow at the Financial Accounting Standards Board (FASB). In this role he assisted the FASB board members and staff on several issues, including disclosures about an employer’s participation in multiemployer plans. Bill also worked closely with the Emerging Issues Task Force (EITF) on several issues related to accounting by healthcare organizations.

David Lomax is a surety professional currently serving as Assistant Vice President & Underwriting Officer of Liberty Mutual Surety, and is a member of FASB's Private Company Financial Reporting Committee.

John McNerney is General Counsel at the Mechanical Contractors Association of America. He also serves as executive director of government and labor relations at MCAA. He covers regulatory and legislative issues for MCAA and works together with other specialty construction employer groups in the Campaign for Quality Construction, an alliance of five other prominent national union-sector employers groups—TAUC, NECA, SMACNA, ICEBAC, and FCA. He also works on national joint labor/management relations issues and legislative and policy positions with his counterparts at the United Association of Plumbers and Pipefitters, the national labor organization representing some 330,000 skilled pipe trades workers employed by MCAA members in the U.S. and Canada.

Before coming to MCAA in 1996, Mr. McNerney worked at the Associated General Contractors of America, serving as the association’s staff attorney and as counsel to the AGC Federal Building Procedures Committee for five years. He was that organization’s first Director of Contract Documents, and later served as Director of the Building Division, and later still as Director of Collective Bargaining Services, staffing the AGC union-sector members’ ongoing relations with the AFL-CIO-affiliated Basic Trades unions.