FINANCIAL ACCOUNTING FOUNDATION APPOINTS SEVEN NEW MEMBERS TO THE FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL

Norwalk, CT, November 21, 2014—The Board of Trustees of the Financial Accounting Foundation (FAF) appointed seven new members to the Financial Accounting Standards Advisory Council (FASAC).

The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on strategic issues, project priorities, and other matters that affect accounting standard setting. The new members will serve a one-year term beginning January 1, 2015, and are eligible to be reappointed for three additional one-year terms.

Members of the FASAC are chosen from a cross-section of the FASB’s stakeholders, including users, preparers, practitioners, association members, academics, and other parties interested in the integrity of full and complete financial reporting and disclosures.

User (Investor) Community

• Douglas Oare, Managing Director, BlackRock
• Lee Sotos, Senior Analyst, Fidelity International

Preparer (Corporate) Community

• Maya McReynolds, Vice President and Chief Accounting Officer, Dell Inc.
• Sean Miller, Vice President—Technical Accounting, Sony Pictures Entertainment
• Gregg Nelson, Vice President—Accounting Policy & Financial Reporting, IBM Corporation
• Sharon Virag, Vice President and Chief Accounting Officer, AES Corp.

Board of Director Community

• Sherry Smith, Board Member, Deere & Company, Tuesday Morning Corporation, and St. Cloud State University Foundation

Six FASAC members will complete their term in 2014—Prat S. Bhatt, Marc A. Delametter, Gail L. Hanson, Samuel L. Levenson, Alan M. Meder, and Sandra J. Peters. Additionally, three FASAC members retired from FASAC during late 2013 and in 2014— Carmen L. Bailey, Kenneth Daly, and Joseph Longino.

“The FAF and the FASB are pleased to welcome our new FASAC members, and look forward to their input on important standard-setting issues,” stated FAF President and CEO Teresa S. Polley. “We also thank the nine FASAC members who have completed—or will complete—their terms, for their commitment of time and resources to helping us improve financial reporting for all of our stakeholders.”


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.

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.