News Release 09/29/15

FINANCIAL ACCOUNTING FOUNDATION ISSUES
REQUEST FOR NOMINATIONS FOR NEW FASAC CHAIR


Norwalk, CT—September 29, 2015—The Financial Accounting Foundation (FAF) Board of Trustees today issued a request for nominations for candidates to serve as chair of the Financial Accounting Standards Advisory Council (FASAC). The deadline to submit nominations is October 27, 2015.

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 FASAC comprises approximately 35 members drawn from a cross-section of the FASB’s stakeholders, including users, preparers, practitioners, association leaders, academics, and other parties interested in the integrity of full and complete financial reporting and disclosure.

The incoming FASAC chair will replace current chair Steven E. Buller, whose term concludes at the end of the year.

The primary responsibilities of the FASAC chair include:
  • Consulting and collaborating with the FASB chair on the FASB’s needs in the planning and establishment of the FASAC’s agenda and work
  • Presiding at FASAC meetings and guiding the discussion so that comments and views can be presented to the FASB effectively
  • Ensuring the FASAC is prepared to discuss effectively and in a timely manner the issues on which it is consulted by the FASB
  • Reporting to the FAF Board of Trustees on FASAC activities.
The role of the FASAC chair requires a time commitment of approximately 25–30 days per year, which includes planning and attending four quarterly FASAC meetings. The FASAC chair serves a term of up to four years, at the discretion of the FAF Trustees. Most recent chairs have served terms of two or three years.

The ideal candidate for the FASAC chair would be a current or recently retired senior officer of a public or private company who currently sits on one or more public or private company boards, preferably on the audit committee. The candidate should be a “financial expert” but does not necessarily have to be an accountant, and should have an in-depth knowledge of the financial reporting process. The Trustees also will consider outstanding candidates from other backgrounds whose experience profile is consistent with the position requirements.

FAF Board of Trustees Chairman Jeffrey J. Diermeier complimented Mr. Buller on his work as the FASAC chair. Mr. Buller was appointed to the role of chair on February 1, 2014, shortly before retiring from BlackRock, Inc. after nine years with the firm. Previously, he was a senior partner at Ernst & Young.

“As chair of the FASAC, Steve Buller expertly drove insightful discussions on financial reporting issues of importance to the FASB and its stakeholders,” Mr. Diermeier said. “On behalf of the Board of Trustees, we extend to him our appreciation for his efforts over the past two years.”

“The FASAC provides critical input on the FASB’s activities, and we thank Steve Buller for serving in the role of chair,” added FASB Chairman Russell G. Golden.

Interested and qualified candidates for the FASAC chair are requested to submit a Curriculum Vitæ (summary of achievements) and introduction via e-mail to Fasacchair@f-a-f.org by October 27, 2015. Materials also can be submitted by mail to Financial Accounting Foundation, c/o Robert H. Kalina, Vice President, Human Resources, Financial Accounting Foundation, 401 Merritt 7, Norwalk, CT 06856.

More information about the FAF Request for Nominations for FASAC Chair Candidates, including nomination form, is available at www.accountingfoundation.org.

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.