Kimberly McKay, managing partner of BKD’s Houston office, was recently appointed to the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee (NAC).
The NAC works to effectively communicate perspectives from the not-for-profit (NFP) industry sector to FASB during the development of financial accounting and reporting standards. The NAC comprises 15 to 20 representatives from the NFP and health care NFP communities. These members demonstrate a knowledge of financial accounting and reporting matters, a commitment to improving financial reporting for users of financial statements and the ability to provide input on a variety of financial reporting matters.
Kimberly is current chair of the American Institute of CPAs (AICPA) Health Care Expert Panel, chair of the AICPA’s Health Care Revenue Recognition Task Force and serves on the Healthcare Financial Management Association Principles & Practices Board. With her wide range of national roles, she has frequent interactions with FASB staff regarding NFP accounting standards. So when an opening on the NAC became available, Kimberly was approached about applying for the position due to her qualifications and involvement in the aforementioned organizations. She said she looked at this as “a great opportunity to represent our NFP client base and to assist the FASB in their efforts to gain perspective on how new accounting standards will impact the NFP community.”
When asked what she’s most excited about with her new role, Kimberly said, “I’m excited to be included in the discussion on why and how standards need to be implemented, instead of reacting after they are already implemented or in draft form.” She added, “I am looking forward to our clients and staff having a better understanding of the process and better access to information that affects how NFPs report their financial statements.”
Humbled and honored to be selected for the position, Kimberly said, “I never imagined I would have this opportunity to work with the FASB staff on the Not-for-Profit Advisory Committee. I look forward to contributing my experience and providing transparency to the NFP community.”