Norwalk, CT, April 9, 2007—Robert J. DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation ("FAF") today announced that the FAF Board of Trustees has appointed Lawrence W. Smith to a five-year term as a member of the Financial Accounting Standards Board (FASB) beginning July 1, 2007. Mr. Smith is currently the FASB’s Director of Technical Application and Implementation Activities, and Chairman of the Emerging Issues Task Force (EITF).
Mr. Smith will replace Edward W. Trott who will retire from the FASB on June 30, 2007.
"We are delighted to appoint Larry Smith to the FASB,” said Robert E. Denham, Chairman of the Financial Accounting Foundation Board of Trustees. “Larry’s outstanding reputation and contributions to the financial reporting system are widely known through his work as EITF Chair, FASB Director, and prior to that as a leading industry practitioner. I am confident that as a member of the FASB, Larry will play an invaluable role in advancing the Board’s mission to establish and improve financial accounting and reporting standards that enhance investor confidence and the efficiency of capital markets."
Prior to joining the FASB in 2002, Mr. Smith was a Partner at KPMG LLP. During his twenty-five year tenure at that firm, Mr. Smith served as a Partner in KPMG’s Department of Professional Practice, as well as Engagement Partner and SEC Reviewing Partner on a number of international Fortune 1000 clients.
"Having worked closely with Larry for a number of years and witnessed first hand the tremendous value that he brings to the FASB, our constituents and the financial reporting system at large, I am very happy with his appointment to the Board and look forward to working with him on our standard setting projects and activities," said Robert Herz, Chairman of the FASB.
Highly active in the accounting profession, Mr. Smith is a past member of the Technical Standards Subcommittee of what is now the Professional Ethics Executive Committee of the AICPA. He holds a master’s degree in accounting from Northeastern University Graduate School of Professional Accounting and a bachelor’s degree from the State University of New York at Albany.
"We are pleased that Larry Smith has accepted the Foundation’s offer to become a member of the FASB," said Mr. DeSantis. "The FAF conducted a thorough and rigorous search for the next FASB member. Larry met all of our criteria and was selected from a group of highly qualified candidates."
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.
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 also is responsible for selecting the members of both Boards and their respective Advisory Councils.