FAF STATEMENT ON THE SELECTION OF JAMES V. SCHNURR AS SEC CHIEF ACCOUNTANT

Norwalk, CT, August 26, 2014—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 selection of James V. Schnurr as the new chief accountant of the Securities and Exchange Commission. The statement should be attributed to FAF President and Chief Executive Officer Teresa S. Polley.

“The Financial Accounting Foundation and its standard-setting Boards, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, extend their congratulations to James Schnurr on his selection as chief accountant of the Securities and Exchange Commission.

“Mr. Schnurr has an extensive background in working with the SEC and other important accounting organizations on key accounting, financial reporting and auditing issues. During the course of his distinguished career, he has demonstrated a commitment to interpret and apply standards in a manner that promotes the transparency, quality and usefulness of financial reporting. We at the FAF, the FASB, and the GASB look forward to working with Mr. Schnurr in his new role.”


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.