NEWS RELEASE 04/16/10
Financial Accounting Foundation Names Louis Matherne as FASB Chief of
Taxonomy Development
Norwalk, CT, April 16, 2010—The
Financial Accounting Foundation (FAF) today announced that Louis Matherne has
been appointed Chief of Taxonomy Development for the Financial Accounting
Standards Board (FASB). The FAF is the independent, private-sector organization
responsible for the oversight of the FASB and the Governmental Accounting
Standards Board (GASB).
Mr. Matherne will lead the FASB team responsible
for maintaining the U.S. GAAP Financial Reporting Taxonomy and working toward
the release of the next taxonomy update in early 2011. Previously, he was
director of XBRL Services for the Global/North American headquarters of Clarity
Systems in Toronto. Mr. Matherne also worked on the initial development of the
taxonomy as a consultant to XBRL-US, where he was instrumental in ensuring its
timely completion. He received his bachelor’s degree in accounting from the
University of New Orleans and is a certified public accountant.
In
February 2010, the FAF assumed responsibility for the development, maintenance,
and publication of the U.S. GAAP Financial Reporting Taxonomy applicable to
public issuers registered with the U.S. Securities and Exchange Commission
(SEC). The taxonomy is a list of computer-readable tags in eXtensible Business
Reporting Language (XBRL) that allows companies to label precisely the thousands
of pieces of financial data that are included in typical long-form financial
statements and related footnote disclosures. The tags allow computers to
automatically search for and assemble data so it can be readily accessed and
analyzed by investors, analysts, journalists, and the SEC staff.
“As one
of the key developers of XBRL, Mr. Matherne brings a wealth of knowledge and
experience to his new role with the FASB overseeing the U.S. GAAP Financial
Reporting Taxonomy,” states FAF President Teresa S. Polley. “We are pleased that
he will lead the FASB team assigned to this important project, working closely
with the SEC, investors, issuers, accounting firms, and other stakeholders to
ensure taxonomy updates are of the highest quality.”
About
the Financial Accounting Foundation
The FAF is responsible for
the oversight, administration, and finances of both the Financial Accounting
Standards Board and its counterpart for state and local government, the
Governmental Accounting Standards Board. The FAF 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.