NEWS RELEASE 07/14/10

The Financial Accounting Foundation Names Mark Schroeder to Lead Post-Implementation Review of FASB and GASB Accounting Standards

Norwalk, CT, July 14, 2010—The Financial Accounting Foundation (FAF) today announced that Mark Schroeder, a recently retired senior partner at Deloitte & Touche LLP, has been named post-implementation review leader. Mark will assume responsibility for the development, implementation, and management of the post-implementation review of standards and other authoritative pronouncements issued by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Mr. Schroeder will report to Teresa S. Polley, president of the FAF.

Ms. Polley said, “I am very pleased to welcome Mark Schroeder to our organization in this important new role. The post-implementation review of accounting standards is of paramount importance to our Board of Trustees in its oversight of the standard-setting process, as well as to our constituents. With 40 years of diverse accounting and financial experience, Mark brings a broad background and perspective to this function, which will further enhance the independent standard-setting process of both Boards.”

During his extensive career with one of the nation’s top accounting firms, Mr. Schroeder has provided audit and advisory services for both domestic and multinational enterprises in a number of diverse industries including banking, media, telecom, publishing, retail, cable, and broadcasting. He is a graduate of the University of Florida.


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 is also responsible for selecting the members of both Boards and their respective Advisory Councils.