NEWS RELEASE 02/17/11
The Financial Accounting Foundation Reappoints Thomas J. Linsmeier To a
Second Term on the FASB
Norwalk, CT, February 17, 2011—The
Financial Accounting Foundation (FAF) today announced that Thomas J. Linsmeier
has been appointed to a second five-year term as a member of the Financial
Accounting Standards Board (FASB) beginning July 1, 2011. The reappointment was
made by the FAF Board of Trustees, which oversees the activities of the FASB and
the Governmental Accounting Standards Board.
John J. Brennan, FAF
chairman, stated, “Tom Linsmeier’s broad understanding of the securities
markets, combined with his background in academia, has been a tremendous asset
to the FASB, especially in view of the unique historic financial reporting
challenges addressed by the Board during his tenure. We look forward to
continuing to draw upon his deep experience and knowledge during his upcoming
term.”
Leslie F. Seidman, chairman of the FASB said, “We are fortunate at
the FASB to utilize the rich mix of strengths that Tom brings to our team. Tom
has demonstrated an unwavering devotion to our mission, and I am glad that he
will continue to help us develop improved accounting standards in the years to
come.”
Mr. Linsmeier was appointed to his first term as a member of the
FASB on July 1, 2006. Prior to his appointment, Mr. Linsmeier spent seven years
as a member of the accounting faculty at Michigan State University, where he was
the Russell E. Palmer Endowed Professor and Chairman of the Department of
Accounting and Information Systems in the university’s Eli Broad College of
Business. An award-winning professor and researcher, he began his academic
accounting career in 1985 at the University of Iowa. In 1994, he became an
Academic Fellow in the Office of the Chief Accountant of the U.S. Securities and
Exchange Commission (SEC). Mr. Linsmeier also served as a special consultant to
the SEC with responsibility for formulating U.S. disclosure rules for reporting
market risks inherent in derivatives and other financial instruments. Subsequent
to his time at the SEC, he also held professional and research positions with
the University of Illinois and Queen’s University in Canada. Mr. Linsmeier
received his MBA and Ph.D. degrees with majors in accounting from the University
of Wisconsin-Madison, and his BBA degree in accounting from the University of
Wisconsin-Milwaukee.
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 U.S. Financial Accounting Standards Board
(FASB) has been the designated organization in the private sector for
establishing standards of financial accounting and reporting in the United
States. 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 its website at
www.fasb.org.