NEWS RELEASE 01/14/11
Financial Accounting Foundation Appoints Daryl E. Buck and R. Harold
Schroeder to the Financial Accounting Standards Board
Norwalk, CT,
January 14, 2011—The Financial Accounting Foundation (FAF) today
announced the appointments of Daryl E. Buck and R. Harold (Hal) Schroeder to the
Financial Accounting Standards Board (FASB). Mr. Buck is currently Senior Vice
President and CFO of Reasor’s Holding Company in Tahlequah, Oklahoma, and Mr.
Schroeder is currently a partner in Carlson Capital, L.P., in its Greenwich,
Connecticut, office.
Mr. Buck, as CFO of Reasor’s, brings 18 years of
private company experience in financial reporting, planning and analysis to the
FASB. Earlier in his career, he led audit engagements at Arthur Andersen &
Co. for a diversified group of financial and industry clients, both public and
private. Mr. Buck has also served as a member of the Private Company Financial
Reporting Committee, an advisory group to the FASB, and more recently served as
a member of the Blue Ribbon Panel on Standard Setting for Private Companies.
Mr. Schroeder has a diverse investor and financial reporting background
and has served over the last 30 years as a senior equity analyst, a CFO, and an
audit partner at Ernst & Young. As a senior portfolio manager for the last
11 years, Mr. Schroeder oversaw financial services investments at Carlson
Capital L.P., a Dallas-based alternative asset management with over $6 billion
of assets under management. He also served as a member of Carlson’s investment
and management committees and as a member of the FASB’s Emerging Issues Task
Force.
"We are delighted to appoint Daryl and Hal to the FASB," said FAF
Chairman John J. Brennan. "Daryl brings hands-on experience with the issues
private companies are facing, along with great expertise garnered from his
auditing background in serving the differing needs of many constituents. Hal has
significant experience in all aspects of financial reporting and is driven by a
strong dedication to transparency for investors. These appointments further
strengthen the FASB’s expertise in areas that are vital to accomplishing its
mission.”
Mr. Buck and Mr. Schroeder will fill two additional seats on
the FASB announced in August, bringing the size of the FASB board to 7 members.
Additional biographical material for each can be found in the Board members section
of the FASB website.
Leslie F. Seidman, Chairman of the FASB, said,
"Daryl and Hal’s backgrounds reflect the diversity of our stakeholders and align
superbly with our challenging agenda to address important reporting issues for
public and private companies, both domestic and international. It’s great to
have such capable and accomplished individuals join the board at a critical time
in the FASB’s history."
Mr. Buck is a CPA and graduated summa cum laude
with an accounting degree from Southeastern Oklahoma State University. Mr.
Schroeder is a CPA and holds an undergraduate degree from the University of New
Orleans and an MBA from Tulane University.
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.