NEWS RELEASE 05/21/08

Financial Accounting Foundation Names Teresa S. Polley President and Chief Operating Officer

Norwalk, CT, May 21, 2008—Robert E. Denham, chairman of the Financial Accounting Foundation (FAF) Board of Trustees, today announced that Teresa S. Polley has been named President and Chief Operating Officer of the FAF, effective immediately. Ms. Polley had been serving as Chief Operating Officer on an interim basis for several months.

"We are delighted to recognize Terri’s impressive leadership in naming her as President and COO of the FAF," said Chairman Denham. "For 20 years Terri has served the organization in a variety of roles, adding value to everything she has touched. Terri’s vision and passion for excellence is the right prescription for the challenges we face."

Terri joined the Financial Accounting Standards Board (FASB) in 1987 as a technical associate and was promoted to positions of increasing responsibility thereafter. Most recently, Terri served as executive director of advisory groups for the FASB, acting as the principal liaison between the Board and the constituent organizations that provide input for decision-making processes.

Terri graduated summa cum laude from St. Francis College in Loretto, PA and holds degrees in commerce and French. She resides in Norwalk, CT with her family.

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.