FASB NAMES NEW MEMBERS TO ITS NOT-FOR-PROFIT ADVISORY COMMITTEE

Norwalk, CT, December 12, 2017—The Financial Accounting Standards Board (FASB) today announced the appointment of five new members to its Not-for-Profit Advisory Committee (NAC), effective January 1, 2018.

The NAC serves as a standing resource for the FASB. Its role is to obtain input from the not-for-profit sector on existing financial reporting guidance, current and proposed technical agenda projects, and longer term or pervasive financial reporting matters affecting those organizations.

"The new NAC members will bring deep, diverse experience in not-for-profit financial reporting to the Committee and to its discussions of financial reporting issues that affect this sector," stated FASB Chairman Russell G. Golden. "Their professional expertise will be a positive addition to the valuable input the NAC provides the FASB."

The new members of the NAC are:

John D. Griffin, Senior Vice President & Controller, AARP (formerly known as the American Association of Retired Persons)
David C. Horne, Chief Financial Officer, March of Dimes
Kim E. Keenoy, Vice President, Senior Portfolio Management Officer, Bank of America Merrill Lynch
Kimberly K. McKay, Managing Partner, BKD, LLP; outgoing chair of the AICPA's Healthcare Expert Panel; current chair of the AICPA Healthcare Revenue Recognition Task Force
Tammy R. Waymire, Associate Professor, Middle Tennessee State University; incoming president of the American Accounting Association Government & Nonprofit Section.

The NAC is comprised of individuals from the not-for-profit sector, including users of not-for-profit financial reports, preparers, practitioners, and those with a background in academia. Its members bring a wide spectrum of expertise and interests in both large and small organizations and in the various areas of the not-for-profit sector—higher education, healthcare, religious, cultural, social services, and other.

For more information about the NAC and its activities, visit www.fasb.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.