DARYL E. BUCK TO RETIRE FROM THE FINANCIAL ACCOUNTING STANDARDS BOARD

News Release 01/29/16

DARYL E. BUCK TO RETIRE
FROM THE FINANCIAL ACCOUNTING STANDARDS BOARD

Norwalk, CT—January 29, 2016—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that Financial Accounting Standards Board (FASB) member Daryl E. Buck will retire from the FASB, effective December 31, 2016.

Mr. Buck was appointed to the FASB in February 2011, and is currently serving in his second term. Prior to joining the Board, Mr. Buck spent 18 years as senior vice president & chief financial officer of Reasor's Holding Company, a privately owned retail grocery company. Previously, he served as an audit manager in the Houston and Oklahoma City offices of Arthur Andersen & Co. Mr. Buck, a CPA, graduated summa cum laude with a Bachelor of Science degree in accounting from Southeastern Oklahoma State University in Durant, Oklahoma.

"In serving as the FASB's liaison to the Private Company Council in its inaugural years, Daryl was instrumental in ensuring the collaboration between the PCC and the FASB," said Charles H. Noski, chairman of the FAF Board of Trustees. "Daryl played an important role in assisting the PCC as it achieved early success in addressing the needs of private company financial statement users while reducing costs and complexity for preparers."

"Daryl's extensive background as a private company preparer brought an important perspective to the FASB in its efforts to better serve private company stakeholders and the financial reporting community at large," said FASB Chair Russell G. Golden. "Daryl led efforts to reduce unnecessary complexity in accounting standards for all of the FASB's stakeholders—ranging from small public companies and private organizations, to large multinational corporations. His work on the simplification initiative has been one of his most important contributions to the Board, one that the FASB is committed to continue long after his departure."

Mr. Buck said, "For the past five years, I've had the privilege of working closely and cooperatively with my talented and dedicated colleagues at the FASB—both Board members and staff. This has been a wonderful experience. I'm honored to have been part of the process that has resulted in some significant improvements to financial reporting, and I'm excited about the additional standards we expect to issue before the end of this year. While I will look back fondly at my years with the FASB, I also look forward to spending more time with my growing extended family."

The FAF Board of Trustees is preparing to initiate a search for Mr. Buck's successor.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.

About the Financial Accounting Standards Board

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.