NEWS RELEASE 04/16/10
Financial Accounting Foundation Names Louis Matherne as FASB Chief of Taxonomy DevelopmentNorwalk, CT, April 16, 2010—The Financial Accounting Foundation (FAF) today announced that Louis Matherne has been appointed Chief of Taxonomy Development for the Financial Accounting Standards Board (FASB). The FAF is the independent, private-sector organization responsible for the oversight of the FASB and the Governmental Accounting Standards Board (GASB).
Mr. Matherne will lead the FASB team responsible for maintaining the U.S. GAAP Financial Reporting Taxonomy and working toward the release of the next taxonomy update in early 2011. Previously, he was director of XBRL Services for the Global/North American headquarters of Clarity Systems in Toronto. Mr. Matherne also worked on the initial development of the taxonomy as a consultant to XBRL-US, where he was instrumental in ensuring its timely completion. He received his bachelor’s degree in accounting from the University of New Orleans and is a certified public accountant.
In February 2010, the FAF assumed responsibility for the development, maintenance, and publication of the U.S. GAAP Financial Reporting Taxonomy applicable to public issuers registered with the U.S. Securities and Exchange Commission (SEC). The taxonomy is a list of computer-readable tags in eXtensible Business Reporting Language (XBRL) that allows companies to label precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for and assemble data so it can be readily accessed and analyzed by investors, analysts, journalists, and the SEC staff.
“As one of the key developers of XBRL, Mr. Matherne brings a wealth of knowledge and experience to his new role with the FASB overseeing the U.S. GAAP Financial Reporting Taxonomy,” states FAF President Teresa S. Polley. “We are pleased that he will lead the FASB team assigned to this important project, working closely with the SEC, investors, issuers, accounting firms, and other stakeholders to ensure taxonomy updates are of the highest quality.”
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.
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.