FASB ANNOUNCES FIVE NEW MEMBERS OF INVESTOR ADVISORY COMMITTEE

Norwalk, CT, February 21, 2017—The Financial Accounting Standards Board (FASB) today announced the appointment of five new members to its Investor Advisory Committee (IAC). The appointments follow refinements to the IAC that were announced by the FASB in November.

As part of its periodic review of the effectiveness of each of its advisory groups, the FASB decided to retain the IAC’s existing membership composition, which includes a mix of buy-side and sell-side investors, credit and equity investors, and ratings agencies. The FASB also decided to broaden the membership to consider those with significant involvement in investor-related academic research.

“Our recent review of the IAC reinforced the continued importance of having an advisory group dedicated to investors—one that complements many other investor-related activities within our standard-setting process,” stated FASB Chairman Russell G. Golden.

“The five new IAC members will add several important perspectives to our discussions,” added Mr. Golden. “From investors with large institutions, corporations, and governments as banking clients to investors who specialize in applying quantitative techniques to financial data—each of the IAC members has an interest in advising the FASB on how it can improve financial reporting for financial statement users.”

The next IAC meeting will be held during the second quarter of 2017 (member schedules permitting) and will be announced on the FASB website. The charter of the IAC, which describes the Committee’s objective, membership, and operating procedures is available on the FASB website.

The five new IAC members are listed below:

• Todd Castagano, Executive Director/Equity Research Analyst, Morgan Stanley
• Trevor Harris, Professor of Professional Practice Accounting, Columbia Business School
• Katherine Hensel, Private Investor
• Shripad Joshi, Senior Director, S&P Global Ratings
• Steven Y. Yang, Investment Analyst, Schroders Investment Management.

About the Financial Accounting Standards Board

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.