Financial Accounting Foundation Statement on the
Appointment of Sagar Teotia as Acting Chief Accountant at the SEC and
the Departure of Wesley R. Bricker
Norwalk, CT—May 31, 2019—The Financial Accounting Foundation (FAF), the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB),
today issued the following statement on the appointment of Sagar Teotia
as acting chief accountant of the U.S. Securities and Exchange
Commission, and the departure of Wesley R. Bricker.
The statement should be attributed to FAF President and Chief Executive Officer Terri Polley.
"We congratulate Sagar Teotia on his appointment as acting chief
accountant at the Securities and Exchange Commission. He brings to
this role strong experience, vast knowledge, and a passion for
transparency and integrity in financial reporting. We look forward
to working with him on issues of importance to investors and capital
markets in the United States and abroad."
Ms. Polley added, "We also extend our thanks and best wishes to outgoing
Chief Accountant Wes Bricker. He used his role to advocate for
excellence and continuous improvement in the areas of accounting and
financial reporting. We applaud his strong leadership during his
time at the SEC and thank him for his work to make our capital markets
more accountable to investors."