News Release 01-14-11
NEWS RELEASE 01/14/11
Financial Accounting Foundation Appoints Daryl E. Buck and R. Harold Schroeder to the Financial Accounting Standards BoardNorwalk, CT, January 14, 2011—The Financial Accounting Foundation (FAF) today announced the appointments of Daryl E. Buck and R. Harold (Hal) Schroeder to the Financial Accounting Standards Board (FASB). Mr. Buck is currently Senior Vice President and CFO of Reasor’s Holding Company in Tahlequah, Oklahoma, and Mr. Schroeder is currently a partner in Carlson Capital, L.P., in its Greenwich, Connecticut, office.
Mr. Buck, as CFO of Reasor’s, brings 18 years of private company experience in financial reporting, planning and analysis to the FASB. Earlier in his career, he led audit engagements at Arthur Andersen & Co. for a diversified group of financial and industry clients, both public and private. Mr. Buck has also served as a member of the Private Company Financial Reporting Committee, an advisory group to the FASB, and more recently served as a member of the Blue Ribbon Panel on Standard Setting for Private Companies.
Mr. Schroeder has a diverse investor and financial reporting background and has served over the last 30 years as a senior equity analyst, a CFO, and an audit partner at Ernst & Young. As a senior portfolio manager for the last 11 years, Mr. Schroeder oversaw financial services investments at Carlson Capital L.P., a Dallas-based alternative asset management with over $6 billion of assets under management. He also served as a member of Carlson’s investment and management committees and as a member of the FASB’s Emerging Issues Task Force.
"We are delighted to appoint Daryl and Hal to the FASB," said FAF Chairman John J. Brennan. "Daryl brings hands-on experience with the issues private companies are facing, along with great expertise garnered from his auditing background in serving the differing needs of many constituents. Hal has significant experience in all aspects of financial reporting and is driven by a strong dedication to transparency for investors. These appointments further strengthen the FASB’s expertise in areas that are vital to accomplishing its mission.”
Mr. Buck and Mr. Schroeder will fill two additional seats on the FASB announced in August, bringing the size of the FASB board to 7 members. Additional biographical material for each can be found in the Board members section of the FASB website.
Leslie F. Seidman, Chairman of the FASB, said, "Daryl and Hal’s backgrounds reflect the diversity of our stakeholders and align superbly with our challenging agenda to address important reporting issues for public and private companies, both domestic and international. It’s great to have such capable and accomplished individuals join the board at a critical time in the FASB’s history."
Mr. Buck is a CPA and graduated summa cum laude with an accounting degree from Southeastern Oklahoma State University. Mr. Schroeder is a CPA and holds an undergraduate degree from the University of New Orleans and an MBA from Tulane University.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation 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.