NEWS RELEASE 12/23/10
Financial Accounting Foundation Appoints Leslie F. Seidman Chairman of the
Financial Accounting Standards Board
Norwalk, CT, December 23,
2010—The Board of Trustees of the Financial Accounting Foundation (FAF)
today named Leslie F. Seidman chairman of the Financial Accounting Standards
Board (FASB), effective immediately. Ms. Seidman has served as the acting FASB
chairman since the retirement of Robert H. Herz on September 30, 2010.
“Our Board of Trustees is thrilled that Leslie Seidman has agreed to
accept the position as Chairman of the FASB. She brings both unparalleled
standard-setting experience and outstanding leadership skills to her new role,”
said FAF Chairman John J. Brennan. “As the FASB continues its efforts to address
the many significant accounting and financial reporting issues both here in the
U.S. and globally, Leslie’s depth of experience with international and domestic
financial reporting issues will enhance our progress toward meeting the needs of
all of our varied constituents. On behalf of the FAF Trustees, we are delighted
that she will be leading the FASB’s efforts to tackle these many challenges for
the betterment of capital markets participants both here and abroad.”
Ms.
Seidman was appointed a member of the FASB in 2003. A graduate of Colgate
University, she also earned an M.S. degree in accounting from New York
University. Ms. Seidman started her career at Arthur Young & Co. (now Ernst
& Young, LLP), as a member of the audit staff, serving clients in the
retail, publishing and venture capital industries. Later, she served as a vice
president in the accounting policies department of J.P. Morgan & Co. Inc.,
where she was responsible for establishing accounting policies for new financial
products, particularly securities and derivatives, and analyzing and
implementing new accounting standards. Ms. Seidman went on to become a member of
the FASB staff, and followed that experience by founding and managing a
financial reporting consulting firm serving corporations, accounting firms and
other organizations. Ms. Seidman is a member of the AICPA, the American Women’s
Society of CPAs, and the Institute of Management Accountants.
“I am
honored to be leading the FASB at such a pivotal time in our history,” said Ms.
Seidman. “The FASB remains committed to developing standards that will provide
investors and other capital providers with decision-useful information. We are
at a crucial point in our convergence program, and my fellow Board members and I
are working in close partnership with the IASB to improve the comparability of
financial information around the world. We want our standards to enhance
communication and confidence in financial reports, and we will continue to seek
new ways to keep our stakeholders informed and engaged in the standard-setting
process.”
As announced by the FAF Trustees on August 24, 2010, the FASB
will return to a seven-member structure. The Board of Trustees is engaged in
processes to evaluate candidates for the two additional seats, and an
announcement is expected in early 2011.
About the Financial
Accounting Foundation
The FAF is responsible for the oversight,
administration, and finances of both the Financial Accounting Standards Board
(FASB) and its counterpart for state and local government, the Governmental
Accounting Standards Board (GASB). The Foundation also is responsible for
selecting the members of both Boards and their respective Advisory
Councils.
About the Financial Accounting Standards
Board
Since 1973, the Financial Accounting Standards Board has
been the designated organization in the private sector for establishing
standards of financial accounting and reporting. Those standards govern the
preparation of financial reports and are officially recognized as authoritative
by the Securities and Exchange Commission and the American Institute of
Certified Public Accountants. Such standards are essential to the efficient
functioning of the economy because investors, creditors, auditors, and others
rely on credible, transparent, and comparable financial information. For more
information about the FASB, visit our website at www.fasb.org.