Scott Taub was appointed to the IFRS Interpretations Committee in May 2008 for three years (term renewed until June 2014). He is a Managing Director of Financial Reporting Advisors, LLC (FRA). Based in Chicago, Illinois, FRA provides consulting services related to accounting and SEC reporting and litigation support services. FRA specializes in applying generally accepted accounting principles to complex business transactions, offering clients an unbiased assessment of the accounting literature as applied to their situation. Mr. Taub also serves an expert on matters of accounting, auditing, and financial reporting.
From 2002 through 2007, Mr. Taub was a Deputy Chief Accountant at the Securities and Exchange Commission (SEC), and he also served Acting Chief Accountant for a total of 14 months.
He played a key role in the SEC's implementation of the accounting reforms under the landmark Sarbanes-Oxley Act, and was responsible for the day-to-day operations of the Office of the Chief Accountant, including resolution of accounting and auditing practice issues, rulemaking, oversight of private sector standard-setting efforts, and regulation of auditors.
Mr. Taub represented the SEC in many venues, including FASB and IASB advisory committees, and in front of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
He also served as Chair of the Accounting and Disclosure committee of the International Organization of Securities Commissions (IOSCO). Mr. Taub also was a member of the SEC staff between 1999 and 2001 as a Professional Accounting Fellow.
Prior to September 2002, Mr. Taub was a partner in Arthur Andersen's Professional Standards Group (PSG), where he consulted with engagement teams on complex financial reporting matters, helped to establish and disseminate Andersen's policies regarding financial reporting matters, and represented the firm before various standards setters including the FASB, SEC, AICPA, and IASB.
Mr. Taub consulted and authored interpretive guidance for Andersen on a wide variety of accounting and reporting issues, including revenue recognition, business combinations, compensation arrangements, intangible assets, and investment accounting. Prior to joining the PSG, he was member of the audit practice in the firm's Detroit office.
Mr. Taub writes a periodic column for Compliance Week on financial reporting developments, and was the primary author of several SEC reports and publications, including the Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002 On Arrangements with Off-Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers and the Study Pursuant to Section 108(d) of the Sarbanes-Oxley Act of 2002 on the Adoption by the United States Financial Reporting System of a Principles-Based Accounting System.
He is also co-author of the Miller Revenue Recognition Guide, a comprehensive guide to accounting for revenue recognition.