Jeff Watson

CPA

Senior Manager, Audit Services 

Jeff is a Senior Manager in Blackman Kallick’s Quality Assurance Group, where he specializes in accounting, auditing, ethics, independence, and quality control. He has expertise in a wide range of industries, including manufacturing, publishing, food service, not-for-profit, and insurance. Jeff provides consultations on a wide range of technical matters for both publicly and privately held clients, including the following:

• Property liability, life and annuity, and health insurance accounting and reporting — US GAAP and Statutory
• Not-for-profit accounting and reporting, including OMB and HUD
• Accounting principles under US GAAP, including fair-value measurements, consolidations, leases, revenue recognition, and financial instruments
• Ethics and independence
• Review and compilation services

Clients and engagement teams rely on Jeff’s in-depth technical expertise, industry knowledge, and determination to find the best solution to any problem. Before joining Blackman Kallick in 2007, Jeff focused on accounting research, SEC reporting, the preparation of statutory- and GAAP-basis insurance financial statements, and reinsurance accounting at several Fortune 500 insurance companies. Altogether, he has more than six years of SEC reporting experience and more than fourteen years of insurance-industry experience. His favorite quote is one attributed to Albert Einstein: “It's not that I'm so smart, it's just that I stay with problems longer.” 

Credentials, Articles, and Awards

A CPA and member of the AICPA and Illinois CPA Society, Jeff takes a leadership role within the accounting profession. His contributions often span multiple forums and media as he contributes ideas and insights in the following ways:

• Chairperson of the Illinois CPA Society’s Accounting Principles Committee (2011), Vice-chair of the Illinois CPA Society’s Accounting Principles Committee (2009-2011), Chairman of the Accounting & Auditing 2010 Conference Task Force, and a prior member of the Society’s Insurance Task Force (2008-2009)
• FASB/IASB Roundtable Participant on Lease Accounting (January 2011)
• Two-time recipient (2011 and 2009) of the Illinois CPA Society’s Distinguished Service Award for his role on the Accounting Principles Committee
• Author of insurance-industry interpretation materials for CCH’s Accounting Research Manager, including the accounting for “shadow” DAC associated with variable insurance products
• Technical reviewer of online financial accounting CPE courses for a large company that specializes in CPE and CPA exam review materials for accountants.

Jeff received his Master of Accountancy, with distinction, from DePaul University, and his Bachelor of Science from Illinois State University, where he double majored in accounting and finance. He has also completed the Fellow, Life Management Institute (FLMI) and Associate, Reinsurance Administration (ARA) programs offered by the Life Management Office Association (LOMA), and he participates in reviewing exam and text materials for LOMA courses, on “Business and Financial Concepts for Insurance Professionals” and “Accounting and Financial Reporting for Life Insurance Companies.” 

News about Jeff Watson

• FASB Selects Watson to Participate at the Public Roundtable Meeting to Solicit Input on Private-Company Accounting and Reporting Issues
• Watson Chosen to Participate at FASB & IASB Roundtable on Lease Accounting