Financial Accounting Foundation Board of Trustees Reappoints Marc A. Siegel to a Second Term on the FASB

NORWALK, Conn.--(BUSINESS WIRE)--The Financial Accounting Foundation Board of Trustees today reappointed Marc A. Siegel to a second five-year term as a member of the Financial Accounting Standards Board (FASB), beginning July 1, 2013. The FAF Trustees oversee the activities of the FASB and the Governmental Accounting Standards Board (GASB).

“During his first term with the FASB, Marc’s expertise in the field of forensic accounting brought a strong investor perspective to the FASB’s deliberations of some of the most critical financial reporting issues of our time”

“During his first term with the FASB, Marc’s expertise in the field of forensic accounting brought a strong investor perspective to the FASB’s deliberations of some of the most critical financial reporting issues of our time,” said Jeffrey J. Diermeier, chairman of the FAF Board of Trustees. “We look forward to continuing to reap the benefits of his considerable experience and insight during his upcoming term.”

Mr. Siegel began his first term as a member of the FASB in October 2008. As a member of the FASB, he has played a key role in enhancing investor outreach, initiating dialogue with investors on key FASB projects, providing regular updates to investors on those projects, and facilitating forums, roundtables, and other activities to solicit investor perspectives.

Prior to joining the Board, Mr. Siegel led the Accounting Research and Analysis team at the RiskMetrics Group in Rockville, Maryland. A recognized expert in forensic accounting with over 20 years of experience in global industries including technology, media, telecommunications, healthcare, retail, and insurance, Mr. Siegel served on the FASB Investor Technical Advisory Committee (ITAC) from January 2007 until his appointment to the FASB.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local governments, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils. For more information about the FAF, visit www.accountingfoundation.org.

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.