FAF TRUSTEES NAME NEW MEMBERS TO THE FASAC

Norwalk, CT—December 4, 2017—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of nine new members to the Financial Accounting Standards Advisory Council (FASAC).

In addition to the new appointees, the FAF Trustees reappointed Andrew McMaster, Jr. as FASAC chairman for a two-year term ending December 31, 2019. The Trustees also reappointed 22 FASAC members.

The FASAC advises the Financial Accounting Standards Board (FASB) on strategic and technical issues, project priorities, and other matters that affect standard setting. The FASAC provides the FASB with diverse perspectives from individuals with varied business and professional backgrounds.

"We are pleased to welcome our new FASAC members, and look forward to their input on important financial accounting and reporting issues," said FASB Chairman Russell G. Golden. "We also thank our retiring members for volunteering their time and providing their insights to help the FASB improve financial reporting for all of our stakeholders."

The new FASAC members will serve a one-year term beginning January 1, 2018, and are eligible to be reappointed for three additional one-year terms. They are:

Avi Berg, Managing Director and Portfolio Manager, Elm Ridge Capital Management
Rudolf Bless, Chief Accounting Officer, Bank of America
Gordon Edwards, Chief Financial Officer, Marshfield Clinic Health System
Zachary Gast, Global Head of Research, CFRA
Elizabeth Graseck, Managing Director, Research, Morgan Stanley
David Schmid, Partner, PwC
Amie Thuener, Vice President, Chief Accountant, Alphabet
John White, Partner—Corporate, Cravath, Swaine & Moore LLP
Teri Yohn, Conrad Prebys Professor of Accounting, Indiana University.

Eleven members will retire from FASAC on December 31, 2017: R. Scott Blackley, Gary Buesser, Colleen Conrad, Xihao Hu, Timothy LaSpaluto, Dan Mahoney, Maya McReynolds, Daniel Meader, John Morriss, Dave Sullivan, and Jeff Wilks.

For a full listing of current Council members, visit the FASAC webpage.

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 http://www.accountingfoundation.org/.

About the Financial Accounting Standards Board (FASB)

Established in 1973, the FASB is the independent, private-sector 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 http://www.fasb.org/.