FAF Statement  07/21/16

FAF STATEMENT ON THE SELECTION
OF WESLEY R. BRICKER AS INTERIM CHIEF ACCOUNTANT OF THE SEC


Norwalk, CT—July 21, 2016—The Financial Accounting Foundation (FAF), the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), today issued the following statement on the selection of Wesley R. Bricker as the interim chief accountant of the U.S. Securities and Exchange Commission. The statement should be attributed to FAF President and Chief Executive Officer Teresa S. Polley.

“The Financial Accounting Foundation and its standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), commend the selection of Wesley R. Bricker as interim chief accountant of the U.S. Securities and Exchange Commission. Since joining the Commission in 2015, Mr. Bricker has consulted extensively with the FASB on standard-setting issues of importance to investors and others with an interest in high-quality public company financial reporting. His accounting expertise and deep understanding of the FASB’s standard-setting process will be an asset to our work.

“On behalf of all of us at the FAF, the FASB, and the GASB, we wish Jim Schnurr well on his recovery, and look forward to continuing to benefit from his knowledge and insights as he recuperates.”


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.