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Faculty Insights

WSB Accounting Faculty Influence Industry by Serving on Standard Setting Boards

By Marguerite Darlington

December 18, 2015

For years, the accounting faculty at the Wisconsin School of Business have shaped the standards of accounting practices in the U.S. Two standout faculty members—one an accomplished UW-Madison alumnus returning to his alma mater as a new professor this fall and the other a long-time leader at the School—have held leadership positions at key professional organizations.

Terry Warfield
Terry D. Warfield, PwC Professor in Accounting and Chair of the Department of Accounting and Information Systems at the Wisconsin School of Business.

Teaching at the WSB for more than 26 years, Terry Warfield, PwC Professor in Accounting and chair of the Department of Accounting and Information Systems, was renewed for an additional term as an appointee to the Board of Trustees of the Financial Accounting Foundation (FAF). The FAF is the parent organization of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

“I am honored to have the continued opportunity to support standard-setting at the FASB and GASB, which support well-functioning capital markets,” says Warfield. “ In the best spirit of the Wisconsin Idea, board service also allows me to carry on the strong tradition of Badger Accounting alumni and faculty who have contributed to auditing and accounting standard setting.”

The news of Warfield’s renewal—along with the new appointees to the board—ran in numerous publications, including Bloomberg Businessweek and Yahoo! Finance.

Earlier this month, the WSB announced that Thomas Linsmeier—a leader in the areas of financial reporting and disclosure who has spent the last decade serving on FASB, the board responsible for setting accounting standards for U.S. public and private companies and not-for-profit organizations —will leave his long-time position on the board to join the faculty of the Wisconsin School of Business at the University of Wisconsin-Madison next fall as Professor and Distinguished Chair in Accounting.

“With 10 years of experience as a member of FASB, Tom is the perfect scholar to help us redefine the partnership between public research universities and the business community,” says François Ortalo-Magné, Albert O. Nicholas Dean of the Wisconsin School of Business.

The announcement was covered by more than 50 business journals across the country, including the New York Business Journal.