NEWS RELEASE 11/18/11

Financial Accounting Foundation Appoints Thirteen New Members to the Financial Accounting Standards Advisory Council

Norwalk, CT, November 18, 2011—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of thirteen new members to the Financial Accounting Standards Advisory Council (FASAC) effective January 1, 2012. The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on technical issues, project priorities, and other matters that affect accounting standard setting.

Members of the FASAC are chosen from a cross-section of the FASB’s constituents, including users, preparers, practitioners, associations, academics, and other parties interested or involved in financial reporting. FASAC members are chosen based on their professional expertise and their ability to broaden the base of constituent views on the Council.

The following new members will begin their term on the FASAC effective January 1, 2012:

User (Investor) Community
  • Kay Ryan Booth, Managing Director, Golden Seeds Fund
  • Adam G. Hurwich, Portfolio Manager, Ulysses Management LLC
  • Joseph Longino, Principal – Investment Strategy, Sandler O’Neill + Partners, L.P.
Preparer (Corporate) Community
  • Peter Carlson, Executive Vice President and Chief Accounting Officer, MetLife
  • Patrick T. Mulva, Vice President and Controller, Exxon Mobil Corporation 
Practitioner (Audit) Community
  • Cynthia M. Fornelli, Executive Director, Center for Audit Quality
  • Jan Hauser, Partner, PricewaterhouseCoopers
  • James R. Taylor, Partner in Charge – Assurance, Hogan Taylor LLP 
Association
  • Susan S. Coffey, Senior Vice President – Public Practice and Global Alliances, American Institute of CPAs (AICPA)
  • Kenneth Daly, President and Chief Executive Officer, National Association of Corporate Directors (NACD)
Other
  • Anthony J. Dowd, Chief of Staff and Special Assistant to the Chairman – President’s Economic Recovery Advisory Board, Office of Paul A. Volcker
  • Patrick E. Hopkins, Professor of Accounting and Deloitte Foundation Accounting Faculty Fellow, Kelley School of Business, Indiana University
  • John W. White, Partner, Cravath, Swaine & Moore LLP
In addition to the new appointees, the FAF announced that Joan Amble, Charles Bobrinskoy, James Bothwell, Carolyn Callahan, Jerry de St. Paer, Lewis Dulitz, Ralph Ferrara, Gary Kabureck, Mark Lang, Feilong Li, Joel Osnoss, Richard Ramsden, Arleen Thomas, William Widdowson, and Jed Wrigley will complete their terms at the end of 2011. The FAF also reappointed 21 current members of the FASAC.

“We’re very pleased to welcome our new members to the FASAC,” stated Dennis Chookaszian, chairman of the FASAC. “Each of these individuals has excelled in their specific stakeholder community and their varied perspectives will be integral to FASB and the standard-setting process.”

“These newly appointed FASAC members have extensive and diverse professional experience that will be highly valued,” added Teresa S. Polley, president and CEO of the FAF. “We are confident that the new members will enable the FASAC to provide valuable insights to the FASB as it continues to focus on developing accounting standards that bring greater transparency and integrity to financial reporting.”


About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. 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 our website at www.fasb.org.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.