Codification & XBRL What’s Bugging You?

Beginning in 2004, Thomas Hoey & Associates, LLC began directing the FASB Codification Project. The project involved two major components – creation of the codification content and development of the research system. In addition, Thomas Hoey & Associates, LLC directed a FASB XBRL project that involved linking between the US Financial Reporting Taxonomy and the Codification. Mr. Hoey was a partner with Arthur Andersen LLP until mid-2002 and was responsible for directing the development Arthur Andersen’s global accounting research platform and its related external product, Accounting Research Manager. Prior to directing the development of Andersen’s research platform, Mr. Hoey addressed technical accounting matters as a member of the firm’s national office and was previously a member of the firm’s audit practice. In 2002, Mr. Hoey helped coordinate the sale of the Accounting Research Manager business and technology to CCH and joined CCH as Managing Director of the Accounting Research Manager product line through early 2004.

Mr. Hoey attended Northern Illinois University and received an undergraduate degree in accounting and computer science and a graduate degree in computer science. Mr. Hoey is a CPA and a member of the AICPA.

Kristy Illuzzi moved to North Carolina and joined the AICPA in Durham in May 2007 as a Technical Manager in the Accounting and Audit Publications team. Kristy is responsible for writing, maintaining and updating Audit and Accounting Guides, Audit Risk Alerts, Checklists and Illustrative Financial Statements, and Financial Reporting Alerts. These publications are utilized by practitioners in public practice, industry, and academia. Kristy is also a project leader on the XBRL and FASB Codification projects, and has worked on several publications and training materials focused on these topics. Prior to joining the AICPA, Kristy was an independent contractor working with several companies in NYC, including Lighthouse International, Interbrand, C2 Creative, and Wolf Olins. At Lighthouse International, a nonprofit organization, Kristy developed a detailed policies and procedures manual for the organization that focused on tightening internal controls. She also prepared the organizations CFR schedules for both 2005 and 2006, and worked with the clinical staff on enhancing reporting procedures. At her for-profit advertising clients, Kristy performed Sarbanes-Oxley compliance work, developed standard operating procedures, developed standard project budgeting and financial benchmarking tools, and performed revenue recognition compliance testing. Kristy was an Experienced Manager for Grant Thornton, LLP in the Non-Profit Practice. During Kristy’s tenure with Grant Thornton, she worked in the New York City office, serving a variety of non-profit clients, including SDTC, The Brooklyn Botanical Gardens, the Make-A-Wish Foundation, the Ronald S. Lauder Foundation, United Cerebral Palsy of Suffolk, the National Episcopal Church, and Bide-A-Wee. Kristy started her career with Arthur Andersen in 1997, where she worked on audits of a variety of Fortune 500 clients, including the Omnicom Group, Inc. She was also actively involved in recruiting and training efforts for the firm, and was asked to speak in front of the entire metro NY office staff about some of her client experiences. Kristy received her Bachelors Degree in Accounting from SUNY- University at Albany in May 1998. She holds CPA licenses in North Carolina and New York, and is a member of the AICPA and the North Carolina Association of Certified Public Accountants.

Keith has been working in the private sector for over 29 years and nearly 25 of those years have been dedicated to serving state and local governments. His clients range from small municipalities to large state entities throughout the Mid-Atlantic region. As a GASB specialist, Keith has made several presentations to the Maryland Association of Community College Business Officers Association, Association of School Business Officers, and the Maryland Association of Certified Public Accountants (MACPA), among others.

In 2010 Keith was presented with the Association of Government Accountants’ Private Sector Financial Excellence Award for exemplifying and promoting excellence in state or local government financial management, outstanding leadership, high ethical standards and innovative management techniques.

Keith received a bachelor’s degree in accounting from the University of Maryland and is an active member of the American Institute of Certified Public Accountants (AICPA), MACPA, Maryland Government Finance Officers Association (GFOA) and the GFOA of the United States and Canada. He also serves on the AICPA’s Single Audit Sampling Task Force and is an instructor for the Intermediate Government Accounting course for Maryland G

Matthew is a senior manager who joined KPMG’s Stamford, CT office in 1998, where he worked in the audit practice before moving to the Charlotte, NC office in 2003. Since 2008, Matthew has been based in KPMG’s Department of Professional Practice in New York City.

Professional and Industry Experience

With more than 12 years of audit experience with technology, telecommunications, and retail companies, Matthew’s in-depth experience includes leading and coordinating audits for publicly traded, international companies with US GAAP accounting issues. He has served as the lead senior manager with responsibility for planning, budgeting, supervision, execution, and delivery of integrated audits, including interim review procedures.

During his tenure in the Department of Professional Practice, Matthew provides technical accounting and auditing consultation to engagement teams, interfaces with standard setters, and presents at various training programs. He also assists in publishing thought leadership materials, covering a variety of topics such as professional judgment, accounting for income taxes, accounting for subsequent events, and XBRL.

In 2010, Matthew completed a term as a Practice Fellow at the Financial Accounting Standards Board, where he served as a project lead on updating the US GAAP XBRL taxonomy.

Joe Luczka is a Senior Manager in KPMG’s National Office and is involved in developing and delivering XBRL-related activities at KPMG. He currently leads teams of professionals advising clients on their implementation of XBRL and the testing of XBRL instance documents. Joe also works with clients to improve their financial reporting processes and to create a sustainable approach to compliance with the SEC’s XBRL mandate. He has worked with a wide variety of companies, helping them understand and prepare for the requirements of the SEC’s XBRL ruling, including evaluating options such as the use of third-party service providers, selection of software and training.

In addition to XBRL, Joe focuses on the application of technology to business processes and the evaluation and testing of processes in connection with Sarbanes-Oxley.

Joe is a Certified Public Accountant in New York and Connecticut and has spent 19 years providing audit and advisory services to clients ranging from small startups to large multi-national public companies. He is currently based in New York and can be reached at jluczka@kpmg.com or (212) 909-5819.