Richard R. Petersen is a co-founder and 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.
Previously, Mr. Petersen was a partner with Arthur Andersen LLP in its Professional Standards Group. In that role, he consulted and authored interpretive guidance on complex financial reporting matters such as consolidations, income taxes, leases, revenue recognition and effects of rate regulation. He also represented Arthur Andersen before various standards setters including the FASB, SEC, and AICPA.
Mr. Petersen is a member of the AICPA's Accounting Standards Executive Committee (AcSEC). He has served as the chair or member of various Emerging Issues Task Force working groups on a wide array of topics such as consolidation, leases, income taxes and revenue recognition. He also was a member of the AICPA Reorganization Taskforce that addressed accounting for companies emerging from bankruptcy. Mr. Petersen has been a speaker at numerous accounting conferences and has conducted training sessions for a variety of participants, from corporate preparers to attorneys to members of the SEC staff. He is also the author of the reference book Accounting for Income Taxes: Interpretations of FASB Statement No. 109 available on Accounting Research Manager™ (published by CCH).
From 1988 to 1990, Mr. Petersen was a Practice Fellow at the FASB. He was the project manager for the reconsideration of FASB Statement No. 96, Accounting for Income Taxes, and FASB Statement No. 101, Regulated Enterprises - Accounting for the Discontinuation of Application of FASB Statement No. 71. He also worked on issues related to business combinations and leveraged buyouts.
Prior to his fellowship at the FASB, Mr. Petersen worked in Arthur Andersen's Des Moines and Omaha offices serving publicly held and privately owned clients in various industries including transportation, utility, telecommunications, computer software and manufacturing.
Mr. Petersen received his B. S. in business administration from the University of Nebraska at Lincoln. He is a licensed Certified Public Accountant in Nebraska and Illinois and is a member of the American Institute of Certified Public Accountants and the Illinois CPA Society.