NEWS RELEASE 11/15/11

The Financial Accounting Foundation Reappoints Russell Golden and Lawrence Smith to Second Terms on the FASB

Norwalk, CT, November 15, 2011—The Financial Accounting Foundation (FAF) today announced that Russell G. Golden and Lawrence W. Smith have been reappointed to five-year terms on the Financial Accounting Standards Board (FASB) beginning July 1, 2012. The reappointments were made by the FAF Board of Trustees, which oversees the activities of the FASB and the Governmental Accounting Standards Board.

"Both Russ and Larry have deep expertise in technical accounting and emerging issues and have been tremendous assets to the FASB," said John J. Brennan, chairman of the FAF Board of Trustees. "We look forward to continuing to draw upon their deep experience and knowledge during their upcoming term."

FASB Chairman Leslie F. Seidman said, "I am delighted that Larry and Russ have been reappointed to the Board. Both of them are deeply committed to improving financial reporting in the United States by developing practical standards that provide useful information for investors, lenders, donors, and other users of financial statements."

Mr. Golden was appointed to his first term as a member of the FASB on October 1, 2010. From 2008 to September 2010, he served as technical director of the FASB, overseeing staff work on standards-level projects, including both major projects and technical application and implementation activities. He also chaired the FASB´s Emerging Issues Task Force (EITF) from July 2007 until January 2011. Previously, he served as director of technical application and implementation activities for the FASB. Prior to joining the FASB in 2004, Mr. Golden was a partner at Deloitte & Touche LLP in the National Office Accounting Services department.

Mr. Golden earned his bachelor´s degree from Washington State University. He is a licensed CPA in the states of Washington and Connecticut.

Mr. Smith was appointed to the FASB for a five-year term beginning on July 1, 2007. Prior to his appointment, Mr. Smith spent five years as director of technical application and implementation activities for the FASB. In this role, he managed activities related to application and implementation issues. He served as chairman of the EITF from August 2002 until June 2007.

Mr. Smith joined the FASB in 2002 after a 25-year career at KPMG, which included 14 years as a partner (from 1988 to 2002). During his tenure with KPMG, he also served as engagement partner and SEC reviewing partner on a number of international Fortune 1000 clients. He is a past member of the Technical Standards Subcommittee of the Professional Ethics Committee of the AICPA.

Mr. Smith earned his master of science in accounting from Northeastern 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 is also 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.