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:
User (Investor) Community
John Boulton, Director, Accounting Research and Policy, Fitch
Dan Mahoney, Global Director of Research, CFRA
Daniel Meader, Principal, Trinity Private Equity Group LP
Preparer (Corporate) Community
Xihao Hu, Senior Vice President and Chief Accountant, The
Toronto Dominion Bank (TD)
Marsha Hunt, Vice President—Controller and Principal Accounting
Officer, Cummins, Inc.
Practitioner (Accounting) Community
Cathy Engelbert, National Audit Managing Partner, Deloitte &
Larry Gray, Senior Partner, EisnerAmper
Wendy Hambleton, Partner, Director of SEC Services, BDO USA, LLP
Colleen Conrad, Executive Vice President and Chief Operating
Officer, National Association of State Boards of Accountancy (NASBA)
Jeff Wilks, Director and Ernst & Young Professor, Brigham Young
University’s School 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.
“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 financial reporting.”
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
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 at www.fasb.org.