News Release 12-10-09

NEWS RELEASE 12/10/09 

Financial Accounting Foundation Appoints New Members to the Financial Accounting Standards Advisory Council

Appointments include four new members from the investor community

Norwalk, CT, December 10, 2009—
The Board of Trustees of the Financial Accounting Foundation (FAF) have announced the appointment of ten new members to the Financial Accounting Standards Advisory Council (FASAC) effective January 1, 2010. The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on technical issues, project priorities, and other matters that affect standard-setting.

Members of the FASAC are chosen from a broad cross-section of the FASB’s constituencies, including preparers, users, practitioners, associations, academics and others interested or involved in financial reporting. They are selected based on their professional expertise and in consideration of the need to bring a wide variety of constituent views to the table.

The following new members will begin their term on the FASAC effective January 1, 2010:

User (Investor) Community
    • Neri Bukspan, Chief Quality Officer & Chief Accountant, Standard & Poor’s
    • Jeremy Perler, Co-head, CFRA Accounting Research, RiskMetrics
    • Allen Puwalski, Senior Vice President, Paulson & Company
    • Richard Ramsden, Managing Director, Goldman Sachs & Co.
Preparer (Corporate) Community
    • John C. Gerspach, Chief Financial Officer, Citigroup Inc.
    • Ann Marie Petach, Managing Director and CFO, BlackRock, Inc.
Practitioner (Audit) Community
    • John (Arch) Archambault, National Managing Partner of Professional Standards, Grant Thornton LLP
    • Kenneth D. Marshall, Partner, Americas IFRS Markets Leader, Ernst & Young, LLP
Academics and Associations
    • Kathy Petroni, Deloitte/Michael Licata Professor of Accounting, Michigan State University
    • Marie N. Hollein, President and Chief Executive Officer, Financial Executives International
“I look forward to welcoming our ten new FASAC members, who will bring a wealth of experience and fresh perspectives to our discussions,” stated Dennis Chookaszian, Chairman of the FASAC. “I am particularly pleased that four of these members come from the investor community, as one of the goals of 2010 was to increase representation from investors to the same level as preparer representation within the Council’s total composition. Adding investor voices to the FASAC will enhance our ability to provide input to the FASB regarding the kinds of information this key constituency believes will improve financial reporting.”

“These appointments further demonstrate the FAF’s commitment to ensuring that all stakeholders are appropriately heard in the standard-setting process,” added FAF President Terri Polley. “FASAC members provide important input into this process, and we are confident that our new appointees will provide valuable insights and guidance to the Board as it continues its mission to develop standards that bring greater transparency to financial reporting.”

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.