FINANCIAL ACCOUNTING FOUNDATION STATEMENT ON THE APPOINTMENT OF WESLEY R. BRICKER AS CHIEF ACCOUNTANT AT THE SEC AND THE RETIREMENT OF JAMES V. SCHNURR

Norwalk, CT—November 22, 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 appointment of Wesley R. Bricker as the chief accountant of the U.S. Securities and Exchange Commission, and the retirement of James V. Schnurr.

The statement should be attributed to FAF President and Chief Executive Officer Teresa S. Polley.

“We want to congratulate Wes Bricker on his appointment to the vital role of Chief Accountant at the Securities and Exchange Commission. Transparency, integrity and accuracy in financial reporting and auditing are foundational to our country’s economy; Wes Bricker champions these values and brings incredible knowledge, energy and experience to the Chief Accountant’s office. We are pleased for Wes personally, and believe this appointment is squarely in the best interests of our country and our financial markets.

“We would also like to extend our thanks and best wishes to outgoing Chief Accountant James Schnurr. Jim dedicated himself to public service at the SEC following his retirement from Deloitte, and has been a staunch advocate for excellence and continuous improvement in the areas of accounting and financial reporting. We wish him well in retirement and applaud his strong leadership during his time at the SEC.”

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.