News Release 12-23-10
NEWS RELEASE 12/23/10
Financial Accounting Foundation Appoints Leslie F. Seidman Chairman of the Financial Accounting Standards BoardNorwalk, CT, December 23, 2010—The Board of Trustees of the Financial Accounting Foundation (FAF) today named Leslie F. Seidman chairman of the Financial Accounting Standards Board (FASB), effective immediately. Ms. Seidman has served as the acting FASB chairman since the retirement of Robert H. Herz on September 30, 2010.
“Our Board of Trustees is thrilled that Leslie Seidman has agreed to accept the position as Chairman of the FASB. She brings both unparalleled standard-setting experience and outstanding leadership skills to her new role,” said FAF Chairman John J. Brennan. “As the FASB continues its efforts to address the many significant accounting and financial reporting issues both here in the U.S. and globally, Leslie’s depth of experience with international and domestic financial reporting issues will enhance our progress toward meeting the needs of all of our varied constituents. On behalf of the FAF Trustees, we are delighted that she will be leading the FASB’s efforts to tackle these many challenges for the betterment of capital markets participants both here and abroad.”
Ms. Seidman was appointed a member of the FASB in 2003. A graduate of Colgate University, she also earned an M.S. degree in accounting from New York University. Ms. Seidman started her career at Arthur Young & Co. (now Ernst & Young, LLP), as a member of the audit staff, serving clients in the retail, publishing and venture capital industries. Later, she served as a vice president in the accounting policies department of J.P. Morgan & Co. Inc., where she was responsible for establishing accounting policies for new financial products, particularly securities and derivatives, and analyzing and implementing new accounting standards. Ms. Seidman went on to become a member of the FASB staff, and followed that experience by founding and managing a financial reporting consulting firm serving corporations, accounting firms and other organizations. Ms. Seidman is a member of the AICPA, the American Women’s Society of CPAs, and the Institute of Management Accountants.
“I am honored to be leading the FASB at such a pivotal time in our history,” said Ms. Seidman. “The FASB remains committed to developing standards that will provide investors and other capital providers with decision-useful information. We are at a crucial point in our convergence program, and my fellow Board members and I are working in close partnership with the IASB to improve the comparability of financial information around the world. We want our standards to enhance communication and confidence in financial reports, and we will continue to seek new ways to keep our stakeholders informed and engaged in the standard-setting process.”
As announced by the FAF Trustees on August 24, 2010, the FASB will return to a seven-member structure. The Board of Trustees is engaged in processes to evaluate candidates for the two additional seats, and an announcement is expected in early 2011.
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.