Alumni Spotlight: Amy Schmidt

As the world becomes a smaller place through extensive international trade and communication, businesses are in the process of adopting a single set of worldwide accounting and reporting standards. One organization leading the way is the International Accounting Standards Board (IASB) located in London, England.

SDSU graduate and long-time San Diego resident, Amy M. Schmidt, project manager for the IASB, has a first-hand view to the changes affecting accounting and financial reporting practices, as the organization looks to unite the accounting profession globally through a single set of internationally financial reporting standards.

A major undertaking, for sure, but Schmidt is up for the challenge. “There is nothing easy about standards-setting. It requires a level of intellectual rigor and discipline that can take a lifetime of hard work to cultivate,” said Schmidt. But, she adds “the words we are writing and the documents we are publishing will resonate globally for decades to come.”

Schmidt is a two-time graduate of SDSU, having earned her B.S. in business administration with distinction in accounting in 2003 and her M.S. in accountancy in 2005. She initially came to SDSU through the Open University program in an effort to sharpen her business skills, but found her niche in the area of accounting.

Schmidt credits Dr. Sharon Lightner, (Wm E. Cole Director of the Charles W. Lamden School of Accountancy) as being a mentor and advisor during her time at SDSU. “Dr. Lightner has this amazing ability to see right through a person to who they really are,” said Schmidt. “She possesses a rare gift for finding promise in her students and bringing out the best in them.”

Shortly after earning her M.S.at SDSU, Schmidt went to work for the Governmental Accounting Standards Board in Norwalk, Connecticut as a postgraduate technical assistant. Even though she was new to standards-setting, she had outstanding guidance from a patient boss and an understanding staff. Her new-found passion for technical accounting fueled her desire to take the leap from helping to set accounting standards for state and local governments to setting standards with a world-wide impact.

In 2006, she was offered a position with the IASB and she moved to London in April 2007. As a project manager for IASB, Schmidt is responsible for preparing papers on a wide range of technical accounting and financial reporting issues. She presents the papers to the IASB board for discussion during public meetings. Once the board has reached a consensus on the issue, she drafts documentation which is issued for public response. The process culminates in the publication of either a new International Financial Reporting Standard or an amendment to an existing Standard.

Schmidt feels fortunate to be working for people who challenge her to perform at a level far beyond anything she ever thought she was capable of. She didn’t get to this point on luck alone—it took “hard work, courage and a willingness to capitalize on opportunities”. Her advice to underclassmen? “Successful people make a habit of doing things unsuccessful people don’t like to do,” said Schmidt. “Dig deep, find the courage to dream big and get moving!”