Larry Smith is a Senior Managing Director in FTI Consulting’s Forensic & Litigation Consulting segment and is based in New York. Mr. Smith has more than 40 years of experience in accounting, auditing, standard-setting and litigation consulting services. He serves as a testifying expert in litigation matters involving the application of generally accepted accounting principles. Additionally, he serves in FTI Consulting’s National Office, consulting with engagement teams and clients on complex accounting issues.
Prior to joining FTI Consulting, Mr. Smith served two five-year terms as a Board member of the Financial Accounting Standards Board (“FASB”), the independent accounting standard setter in the United States. 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. During his time as a Board member, Mr. Smith served as the Chairman of the Transition Resource Group for ASC Topic 326 “Measurement of Credit Losses on Financial Instruments” (also known as Current Expected Credit Loss model or CECL), working with various constituencies in addressing implementation issues related to the new standard. He also served as the FASB’s Official Observer to the PCAOB’s Standing Advisory Group.
Prior to his appointment to the FASB board, Mr. Smith spent five years as the FASB’s Director, Technical Application and Implementation Activities. In this role, he managed FASB activities related to application and implementation issues, and served as Chairman of its Emerging Issues Task Force (EITF).
Mr. Smith joined the FASB in 2002 after a distinguished 25-year career at KPMG. From 1988 to 2002, he was an audit partner with KPMG, located most recently in its Stamford, Connecticut office. From 1992 to 1996, he served as a Partner in the firm’s National Office (Department of Professional Practice) in New York. During his tenure with KPMG, he also served as Engagement Partner and SEC Reviewing Partner on a number of international Fortune 1000 clients. He also was the engagement partner for KPMG’s peer review of another Big Four firm for several years. Active in the accounting profession, he is a past member of the Technical Standards Committee of the Professional Ethics Committee of the AICPA.