NEWS RELEASE 12/21/05

The Financial Accounting Foundation Appoints Timothy P. Flynn, Chairman and Chief Executive Officer of KPMG LLP to the Foundation’s Board of Trustees

Norwalk, CT, December 21, 2005—Robert J. DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation (FAF) today announced the appointment of Timothy P. Flynn, Chairman and Chief Executive Officer of KPMG LLP, the U.S. audit, tax and, advisory firm, to the FAF Board of Trustees.

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.

KPMG LLP is the U.S. member firm of KPMG International, the coordinating entity for a global network of professional services firms, providing audit, tax, and advisory services, with an industry focus. KPMG International’s member firms have nearly 100,000 professionals, including 6,800 partners, in 148 countries.

“We are delighted with the appointment of Tim Flynn as a Trustee of the FAF,” said Robert E. Denham, Chairman of the FAF Board of Trustees. “Tim’s distinguished background in the accounting industry, and as leader of a firm that is dedicated to professional excellence, will serve the Foundation well in our responsibility to oversee the FASB and GASB in their missions to objectively establish and improve accounting standards.”

Mr. Flynn was elected Chairman and Chief Executive of KPMG LLP in June 2005. He previously served as Vice Chair, Audit & Risk Advisory Services for KPMG LLP, and had operating responsibility for the firm’s audit practice, as well as its risk advisory services and financial advisory services practices.

A 26-year veteran of KPMG, Mr. Flynn was elected partner in 1988. He has also served as Head of Human Resources and as Global Managing Partner–Audit for KPMG International. In that role, he chaired the firm's Global Audit Steering Group, and served as a member of the international executive team of KPMG International.

He is a member of the Carnegie Hall Board of Trustees and serves on Boards of Directors of the New York YMCA and the Partnership for New York City. He is also a member of the Business Roundtable.

Mr. Flynn is a certified public accountant, and holds a bachelors degree in accounting.

“The FAF is very pleased that Tim Flynn has joined its Board of Trustees,” said Mr. DeSantis. “Tim’s appointment reflects the FAF’s ability to attract the leadership necessary to carry out its responsibility to serve the capital markets and the public interest.”

The FAF Board of Trustees is comprised of 16 members: three with experience as certified public accountants, two as financial executives, one as an investment professional, one as an accounting educator, one as an investment banker, three as state and local governmental officials and five “at large” Trustees.

Mr. Flynn was nominated to the FAF Board of Trustees by the American Institute of Certified Public Accountants (AICPA), one of eight organizations that nominate Trustee candidates to the FAF. Other nominating organizations include: Financial Executives International (FEI), The Institute of Management Accountants, (IMA), CFA Institute, The American Accounting Association (AAA), The Securities Industry Association (SIA), The Government Finance Officers Association (GFOA) and the National Association of State Auditors, Comptrollers and Treasurers (NASACT).

Other FAF Trustee reappointments include:

Robert E. Denham
Chairman, FAF
Senior Partner
Munger, Tolles & Olson LLP

Frank C. Minter
Retired Vice President and Chief Financial Officer AT&T International

Douglas R. Ellsworth
Director of Finance
Village of Schaumburg, Illinois

W. Steve Albrecht
Associate Dean of the Marriott School of Management and Professor, BYU

Philip D. Ameen
VP and Comptroller, General Electric

Rick Anderson
Chairman
Moss Adams LLP

Barbara H. Franklin
President and Chief Executive Officer
Barbara Franklin Enterprises

William H. Hansell
Executive Director Emeritus
International City/County Management Association

Richard D. Johnson
Former Auditor of State, Iowa

Edward W. Kelley, Jr.
Former Governor
Federal Reserve System

Duncan M. McFarland
Former Chairman and Chief Executive Officer
Wellington Management Company

Lee N. Price
President and Chief Executive Officer
Price Performance Measurement Systems, Inc.

James H. Quigley
Chief Executive Officer
Deloitte & Touche USA LLP

Ned V. Regan
University Professor
The City University of New York

Paul C. Wirth
Global Controller
Morgan Stanley

About the Financial Accounting Foundation

The Financial Accounting Foundation is responsible for overseeing, administering, and funding the FASB and the GASB and selecting its members. For more information on the organizations it oversees, visit the Foundation’s websites at www.fasb.org and www.gasb.org.