NORWALK, Conn.--(BUSINESS WIRE)--The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of five 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.
FASAC members are selected from a cross-section of the FASB’s stakeholders, including users, preparers, practitioners, academics, association members, audit committee members, and others interested in the integrity of full and complete financial reporting and disclosures.
“The FASAC is a diverse group of professionals whose input helps the FASB understand different perspectives on its standard-setting activities,” stated FASAC Chairman Andrew G. McMaster, Jr. “On behalf of the FASAC, I’m pleased to welcome our new members, and to thank them for their commitment to advising the Board in the development of accounting standards that bring greater transparency to the capital markets.”
The new FASAC members will serve a one-year term beginning January 1, 2017, and are eligible to be reappointed for three additional one-year terms. They are:
Financial Statement User (Investor) Community
- Louis Zahorak, Investment Director, Head of Credit Research—Global Fixed Income, CalPERS
Preparer Community
- Susan Callahan, Director, Americas Accounting and Global Accounting Policy, Ford Motor Company (public company)
- Richard E. Forrestel, Jr., Treasurer, Cold Spring Construction Company (private company)
- Bob Mims, Controller/Director of Investments, Ducks Unlimited Inc. (not-for-profit organization)
Legal/Other
- Thomas W. White, Partner and General Counsel, WilmerHale
Four FASAC members will complete their terms on December 31, 2016: Linda L. Griggs, Michael J. (Mick) Homan, Marsha L. Hunt, and Catherine E. Mickle.
“The FASB is pleased to welcome our new FASAC members, and look forward to their input on important issues,” said FASB Chairman Russell G. Golden. “We also thank Linda, Mick, Marsha, and Catherine as they complete their service on the FASAC for volunteering their time and insights to help us improve financial reporting for all of our stakeholders.”
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.
