NORWALK, Conn.--(BUSINESS WIRE)--The Financial Accounting Foundation (FAF) today announced that Thomas J. Linsmeier has been appointed to a second five-year term as a member of the Financial Accounting Standards Board (FASB) beginning July 1, 2011. The reappointment was made by the FAF Board of Trustees, which oversees the activities of the FASB and the Governmental Accounting Standards Board.
John J. Brennan, FAF chairman, stated, “Tom Linsmeier’s broad understanding of the securities markets, combined with his background in academia, have been a tremendous asset to the FASB, especially in view of the unique historic financial reporting challenges addressed by the Board during his tenure. We look forward to continuing to draw upon his deep experience and knowledge during his upcoming term.”
Leslie F. Seidman, chairman of the FASB said, “We are fortunate at the FASB to utilize the rich mix of strengths that Tom brings to our team. Tom has demonstrated an unwavering devotion to our mission, and I am glad that he will continue to help us develop improved accounting standards in the years to come.”
Mr. Linsmeier was appointed to his first term as a member of the FASB on July 1, 2006. Prior to his appointment, Mr. Linsmeier spent seven years as a member of the accounting faculty at Michigan State University, where he was the Russell E. Palmer Endowed Professor and Chairman of the Department of Accounting and Information Systems in the university’s Eli Broad College of Business. An award-winning professor and researcher, he began his academic accounting career in 1985 at the University of Iowa. In 1994, he became an Academic Fellow in the Office of the Chief Accountant of the U.S. Securities and Exchange Commission (SEC). Mr. Linsmeier also served as a special consultant to the SEC with responsibility for formulating U.S. disclosure rules for reporting market risks inherent in derivatives and other financial instruments. Subsequent to his time at the SEC, he also held professional and research positions with the University of Illinois and Queen’s University in Canada. Mr. Linsmeier received his MBA and Ph.D. degrees with majors in accounting from the University of Wisconsin-Madison, and his BBA degree in accounting from the University of Wisconsin-Milwaukee.
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 U.S. Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting and reporting in the United States. 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 its website at http://www.fasb.org/.