FINANCIAL ACCOUNTING FOUNDATION NAMES STEVEN E. BULLER AS CHAIRMAN OF THE
FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL
January 30, 2014—Steven E. Buller, managing director and former chief
financial officer of BlackRock, Inc., has been appointed chairman of the
Financial Accounting Standards Advisory Council (FASAC). His term begins on
February 1, 2014, and concludes on December 31, 2015.
The Council advises
the Financial Accounting Standards Board (FASB), the private-sector organization
responsible for setting accounting standards for U.S. companies, on technical
issues related to the Board´s agenda, project priorities, and other
Mr. Buller succeeds Charles H. Noski, retired vice chairman of
Bank of America, whose term as FASAC chairman concluded on December 31,
Mr. Buller´s appointment was announced by Jeffrey J. Diermeier,
chairman of the Board of Trustees of the Financial Accounting Foundation (FAF).
The FAF is responsible for the oversight, administration, and financing of the
FASB and its counterpart for state and local governments, the Governmental
Accounting Standards Board (GASB).
"During his distinguished career,
Steve Buller has had a wide range of oversight responsibilities related to areas
including auditing, investing, corporate governance, and valuation," Mr.
Diermeier said. "His diverse experience will be a tremendous asset to the FASAC
in its mission to provide input to the FASB."
Russell G. Golden, chairman
of the FASB, added, "On behalf of the FASB, I´m pleased to welcome Steve to his
new position as chairman of the FASAC. We look forward to the insights and
expertise he will bring to the Council in its role to advise the FASB on issues
of importance to our stakeholders."
Mr. Buller will retire from
BlackRock, Inc. in early February 2014, after nine years with the firm. As chief
financial officer from 2005 to 2007, he oversaw the $10 billion acquisition of
Merrill Lynch Investment Managers. His other leadership positions within the
firm included global director of corporate and investment company accounting
policy and oversight of internal audit. He also was responsible for corporate
tax and control groups, and served on the government relations committee
overseeing relationships with the FASB, the Public Company Accounting Oversight
Board (PCAOB), and the U.S. Securities and Exchange Commission. He currently is
a member of the Standing Advisory Group of the PCAOB.
Prior to joining
BlackRock, Inc., Mr. Buller was a senior partner at Ernst & Young, serving
as its U.S. and global director of asset management services from 1988 to 2005.
In this role, he was responsible for global audit assurance, tax and advisory
teams that served mutual funds, hedge funds, private equity firms and funds,
investment advisors, and advisory businesses. He also was the firm´s liaison
with the SEC Division of Investment Management, and the coordinating audit
partner on initial public registrations for multiple companies.
certified public accountant in New York, Mr. Buller received his MBA in
accounting and finance at Northwestern University in Evanston,
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 is also responsible for selecting the
members of both Boards and their respective Advisory Councils.
About the Financial Accounting Standards
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 http://www.fasb.org/.