FINANCIAL ACCOUNTING FOUNDATION APPOINTS 10 NEW MEMBERS TO THE FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL

Norwalk, CT—November 25, 2013—The Board of Trustees of the Financial Accounting Foundation (FAF) today appointed 10 new members to the Financial Accounting Standards Advisory Council (FASAC). The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on strategic issues, project priorities, and other matters that affect accounting standard setting. The new members will serve a one-year term beginning January 1, 2014, and are eligible to be reappointed for three additional one-year terms.

Members of the FASAC are chosen from a cross-section of the FASB´s stakeholders, including users, preparers, practitioners, association members, academics, and other parties interested in the integrity of full and complete financial reporting and disclosure.

The following new members are:

User (Investor) Community

John Boulton, Director, Accounting Research and Policy, Fitch Ratings
Dan Mahoney, Global Director of Research, CFRA
Daniel Meader, Principal, Trinity Private Equity Group LP

Preparer (Corporate) Community

Xihao Hu, Senior Vice President and Chief Accountant, The Toronto Dominion Bank (TD)
Marsha Hunt, Vice President—Controller and Principal Accounting Officer, Cummins, Inc.

Practitioner (Accounting) Community

Cathy Engelbert, National Audit Managing Partner, Deloitte & Touche LLP
Larry Gray, Senior Partner, EisnerAmper
Wendy Hambleton, Partner, Director of SEC Services, BDO USA, LLP

Association Community

Colleen Conrad, Executive Vice President and Chief Operating Officer, National Association of State Boards of Accountancy (NASBA)

Academic Community

Jeff Wilks, Director and Ernst & Young Professor, Brigham Young University´s School of Accountancy.

In addition to naming the new appointees, the FAF renewed the terms of 24 current FASAC members for an additional year. Eight FASAC members–John C. Gerspach, John Archambault, Kenneth D. Marshall, James R. Taylor, Jeremy Perler, Allen Puwalski, Kathy Petroni, and Marie N. Hollein–will complete their service at the end of December 2013. Two additional members—Patrick T. Mulva and Neri Bukspan—completed their service earlier this year.

"The 10 new FASAC members represent a diverse group of professionals who possess a wealth of experience in their respective fields of financial reporting," stated FAF President and Chief Executive Officer Teresa S. Polley. "They undoubtedly will add fresh perspectives to FASAC discussions, which are essential in providing the FASB with valuable input into its mission to develop accounting standards that bring greater transparency and integrity to financial reporting."

The FAF also has a search underway for a new FASAC chairman. Charles (Chuck) Noski, a retired vice chairman of Bank of America who was appointed to lead the FASAC in January 2012, concludes his term at the end of this year.

"Chuck achieved a great deal during his tenure as FASAC chair. In addition to managing a robust schedule of FASAC meetings, he oversaw both a review of the existing FASB advisory group structure as well as a survey that provides valuable information about what our stakeholders think are the most critical issues in financial reporting. We are most grateful to him for his positive contributions to the Council and to the eight FASAC members who also complete their terms this year," added Ms. Polley.

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 http://www.fasb.org/.