Lawrence Smith, former board member of the Financial Accounting Standards Board, will join the SEC & Accounting Advisory Services practice at FTI Consulting within the global business advisory firm’s Forensic & Litigation Consulting segment as a senior managing director, effective Aug. 1.
Smith, who will be based in New York, recently retired from the FASB, the independent accounting standard setter in the United States, after serving two five-year terms. As part of the seven-member FASB, he was responsible for advancing its mission to establish and improve financial accounting and reporting standards to increase transparency for users of financial statements and build investor confidence in the capital markets. During his tenure as a board member, the FASB undertook major projects and promulgated new standards in the areas of revenue recognition, leases, credit losses, derivatives and consolidations, among others.
At FTI Consulting, Smith will serve corporate clients and law firms as a testifying expert in accounting-related litigation matters. Additionally, he will serve as a member of the National Office at FTI Consulting, responsible for consulting with engagement teams and clients on complex accounting issues.
Prior to his appointment to the FASB board, Smith spent five years as the FASB’s Director, Technical Application and Implementation Activities and served as Chairman of its Emerging Issues Task Force. Smith joined the FASB in 2002 after a 25-year career at KPMG. From 1992 to 1996, he served as a Partner in the firm’s Department of Professional Practice in New York. He also served as Engagement Partner and SEC Reviewing Partner for a number of Fortune 1000 clients.