FINANCIAL ACCOUNTING FOUNDATION APPOINTS 10 NEW MEMBERS TO THE FINANCIAL
ACCOUNTING STANDARDS ADVISORY COUNCIL
Norwalk, CT—November 25, 2013—The
Board of Trustees of the Financial Accounting Foundation (FAF) today appointed
10 new members to the Financial Accounting Standards Advisory Council (FASAC).
The FASAC is responsible for advising the Financial Accounting Standards Board
(FASB) on strategic issues, project priorities, and other matters that affect
accounting standard setting. The new members will serve a one-year term
beginning January 1, 2014, and are eligible to be reappointed for three
additional one-year terms.
Members of the FASAC are chosen from a
cross-section of the FASB´s stakeholders, including users, preparers,
practitioners, association members, academics, and other parties interested in
the integrity of full and complete financial reporting and disclosure.
The following new members are:
Preparer (Corporate) Community
- John Boulton, Director, Accounting Research and Policy,
- Dan Mahoney, Global Director of Research, CFRA
- Daniel Meader, Principal, Trinity Private Equity Group
- Xihao Hu, Senior Vice President and Chief Accountant, The
Toronto Dominion Bank (TD)
- Marsha Hunt, Vice President—Controller and Principal
Accounting Officer, Cummins, Inc.
- Cathy Engelbert, National Audit Managing Partner,
Deloitte & Touche LLP
- Larry Gray, Senior Partner, EisnerAmper
- Wendy Hambleton, Partner, Director of SEC Services, BDO
- Colleen Conrad, Executive Vice President and Chief
Operating Officer, National Association of State Boards of Accountancy
In addition to naming
the new appointees, the FAF renewed the terms of 24 current FASAC members for an
additional year. Eight FASAC members–John C. Gerspach, John Archambault, Kenneth
D. Marshall, James R. Taylor, Jeremy Perler, Allen Puwalski, Kathy Petroni, and
Marie N. Hollein–will complete their service at the end of December 2013. Two
additional members—Patrick T. Mulva and Neri Bukspan—completed their service
earlier this year.
- Jeff Wilks, Director and Ernst & Young Professor,
Brigham Young University´s School of Accountancy.
"The 10 new FASAC members represent a diverse group of
professionals who possess a wealth of experience in their respective fields of
financial reporting," stated FAF President and Chief Executive Officer Teresa S.
Polley. "They undoubtedly will add fresh perspectives to FASAC discussions,
which are essential in providing the FASB with valuable input into its mission
to develop accounting standards that bring greater transparency and integrity to
The FAF also has a search
underway for a new FASAC chairman. Charles (Chuck) Noski, a retired vice
chairman of Bank of America who was appointed to lead the FASAC in January 2012,
concludes his term at the end of this year.
"Chuck achieved a great deal
during his tenure as FASAC chair. In addition to managing a robust schedule of
FASAC meetings, he oversaw both a review of the existing FASB advisory group
structure as well as a survey that provides valuable information about what our
stakeholders think are the most critical issues in financial reporting. We are
most grateful to him for his positive contributions to the Council and to the
eight FASAC members who also complete their terms this year," added Ms.
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 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 http://www.fasb.org/.