Financial Accounting Standards Board Appoints New Members to Its Task Force and Advisory Groups

Norwalk, CT, March 11, 2013—The Financial Accounting Standards Board (FASB) today announced the appointment of new members to its task force and advisory groups.

Emerging Issues Task Force

Alexander M. Corl has been appointed to the FASB´s Emerging Issues Task Force (EITF). Mr. Corl is the chief financial officer and Treasurer of The Lee Company, a privately held manufacturing company based in Westbrook, Connecticut.

The EITF assists the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues. Members of the EITF are chosen from a cross section of the FASB´s constituents, including public accounting firms, preparers of financial statements, and users of financial statements.

Investors Technical Advisory Committee

Six new members have been appointed to the Investors Technical Advisory Committee (ITAC):

The ITAC is a standing resource to the FASB that provides investors´ perspectives on current projects and on the implementation of new standards. The ITAC also identifies critical accounting and financial reporting issues that require the Board´s attention.

Not-for-Profit Advisory Committee

Larry Probus, senior vice president of World Vision U.S., Federal Way, Washington, has been appointed to the Not-for-Profit Advisory Committee (NAC). The NAC serves as a standing resource for the FASB for discussing financial reporting issues and potential improvements with the not-for-profit sector.

"On behalf of the FASB, I am pleased to welcome our new members to the Emerging Issues Task Force, the Investors Technical Advisory Committee, and the Not-for-Profit Advisory Committee," stated Susan M. Cosper, chairman of the EITF and FASB technical director. "We look forward to the insights they will bring to their respective roles in advising the FASB."

"The members of the Emerging Issues Task Force, Investors Technical Advisory Committee, and Not-for-Profit Advisory Committee provide invaluable input to the deliberations of the FASB," said FASB Chairman Leslie F. Seidman. "We welcome their newest members, and thank them for sharing their time and expertise to help us address financial reporting issues of importance."