Mark Bielstein Named Chair-Elect of AICPA Accounting Standards Executive Committee.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 4, 2003

The American Institute of Certified Public Accountants today announced that Mark M. Bielstein, a partner with KPMG LLP, will be the next Chair of its Accounting Standards Executive Committee (AcSEC).

He will succeed Mark V. Sever of Ernst & Young LLP, who completes his three-year term as Chair in September.

Bielstein has served on AcSEC for six years and chairs its task force on the Scope of the AICPA Investment Companies Audit and Accounting Guide. He is also a member of AcSEC's Planning Subcommittee.

"Through his work on AcSEC and with his firm, Mark has demonstrated a very impressive level of dedication and insight into financial reporting issues," said Sever. "It's been a pleasure serving with him, and AcSEC will benefit immeasurably under his direction."

As Chair, Bielstein will head one of the Institute's most important volunteer bodies. Its activities include providing industry-specific accounting guidance and serving as the Institute's official voice on financial reporting issues. The committee's membership includes representation from academia, the analyst community, business and industry, and public practice.

As a partner in KPMG's Department of Professional Practice, Bielstein is responsible for following the activities of the Financial Accounting Standards Board, the Emerging Issues Task Force, and other accounting standard setters and developing guidance on the implementation and application of accounting standards. Prior to joining the Department of Professional Practice in 1997, Bielstein served as an audit engagement partner in KPMG's San Antonio, Texas, office for clients in the hospitality, real estate, construction, oil and gas, and investment services industries. Bielstein also served as the Professional Practice Partner for the San Antonio office.

Bielstein joined KPMG in 1978 following graduation from Baylor University with a BBA degree in economics.

The American Institute of Certified Public Accountants is the national, professional organization of CPAs, with more than 340,000 members in business and industry, public practice, government, and education. It sets U.S. auditing and professional ethical standards and, with the Financial Accounting Standards Board, U.S. accounting standards.