NORWALK, Conn.--(BUSINESS WIRE)--The Board of Trustees of the Financial Accounting Foundation (FAF) today reappointed Daryl E. Buck and R. Harold (Hal) Schroeder to the Financial Accounting Standards Board (FASB). Their new terms are effective July 1, 2015 and end on June 30, 2021.
The FAF is the independent, private-sector organization responsible for the oversight of the FASB and the Governmental Accounting Standards Board (GASB).
“Daryl and Hal each have brought their own valuable experiences and perspectives to the Board’s deliberation of critical financial reporting issues—Daryl as the former chief financial officer of a privately held company, and Hal as a former investor,” said FAF Chairman Jeffrey J. Diermeier. “On behalf of the Trustees, I am pleased that they will continue to contribute their valued expertise to the FASB’s mission of establishing and improving financial accounting and reporting standards.”
Prior to joining the Board in 2011, Mr. Buck spent 18 years as senior vice president & chief financial officer of Reasor’s Holding Company, a privately owned retail grocery company.
Mr. Schroeder also joined the Board in 2011. Mr. Schroeder brings more than 30 years of experience in investing and financial reporting to the FASB. Previously, he was a partner at a money manager, Carlson Capital, L.P.
Mr. Buck, a CPA, graduated summa cum laude with a bachelor of science degree in accounting from Southeastern Oklahoma State University in Durant, Oklahoma.
Mr. Schroeder earned his master’s degree in business administration from Tulane University and a bachelor of science degree in accounting from the University of New Orleans. He also is a CPA.
Mr. Buck and Mr. Schroeder originally were appointed to the FASB in February 2011, when the size of the Board was increased from five to seven members. The Trustees today amended the FAF By-Laws to permit Mr. Buck and Mr. Schroeder—and any future member of the FASB or GASB who is appointed to an initial term of less than five years—to serve a full ten years.
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, not-for-profit 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.