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He also has served as academic fellow and special consultant to the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC), where he was responsible for developing U.S. financial reporting disclosure rules relating the market risk inherent in derivatives and other financial instruments. In addition, he has held professorial appointments at the University of Iowa and the University of Illinois at Urbana–Champaign.
Facts about FASB
Thomas J. Linsmeier
Thomas J. Linsmeier was appointed as a member of the Financial Accounting Standards Board (FASB) in July 2006. An award-winning teacher and researcher with particular expertise in financial reporting for derivatives and risk management activities, Dr. Linsmeier was formerly Russell E. Palmer Endowed Professor and Chairperson of the Department of Accounting and Information Systems at Michigan State University.
Facts about FASB
Leslie F. Seidman
Leslie F. Seidman was appointed to the Financial Accounting Standards Board (FASB), effective July 1, 2003. Prior to joining the Board, Ms. Seidman managed her own firm, providing consulting services to major corporations, accounting firms, and other concerns. Previously, Ms. Seidman was vice president of accounting policy at J.P. Morgan & Company where she was responsible for establishing accounting policies for new financial products and analyzing and implementing new accounting standards. Ms. Seidman started her career as an auditor in the New York office of Arthur Young & Company (now Ernst & Young LLP) and is a certified public accountant.
Mr. Smith joined the FASB staff in 2002 after a distinguished 25-year career at KPMG. He was a partner with KPMG from 1988 to 2002, headquartered most recently at its Stamford, Connecticut office. From 1992 to 1996 he served as a partner in the firm’s Department of Professional Practice in New York.
George J. Batavick was appointed to the Financial Accounting Standards Board (FASB), effective August 1, 2003. Prior to joining the FASB, Mr. Batavick was most recently the former Comptroller of Texaco Inc.
Robert H. Herz was appointed chairman of the Financial Accounting Standards Board (FASB), effective July 1, 2002, and was reappointed to a second term effective July 1, 2007. Previously, he was a senior partner with PricewaterhouseCoopers.
Prior to joining the FASB, Mr. Herz was PricewaterhouseCoopers North America Theater Leader of Professional, Technical, Risk & Quality and a member of the firm’s Global and U.S. Boards. He also served as a part-time member of the International Accounting Standards Board.
Board members are appointed for five-year terms and are eligible for reappointment to one additional five-year term. Expiration dates of current terms are indicated.
Robert H. Herz, Chairman 2012
George J. Batavick 2008
Thomas J. Linsmeier 2011
Leslie F. Seidman 2011
Lawrence W. Smith 2012
NEWS RELEASE 09/26/08
Financial Accounting Foundation Appoints Marc A. Siegel to the Financial Accounting Standards Board
Norwalk, CT, September 26, 2008—Robert Denham, chairman of the Financial Accounting Foundation (FAF), today announced that the FAF Board of Trustees has appointed Marc A. Siegel to the Financial Accounting Standards Board (FASB). Prior to his appointment, Mr. Siegel led the Accounting Research and Analysis team at the RiskMetrics Group in Rockville, Maryland.
Mr. Siegel succeeds George J. Batavick, former comptroller of Texaco, Inc., whose term ended June 30, 2008, but was briefly extended to enable the FAF to conclude its candidate search for the Board seat.
Mr. Siegel was appointed to the FASB Investor Technical Advisory Committee (ITAC) in January 2007 and is a frequent guest on CNBC and other financial TV programs, often speaking on various accounting issues in the news. He graduated Magna Cum Laude from the Wharton School of Business with a B.S. in economics in 1991. His term becomes effective on October 20, 2008, and extends until June 30, 2013.
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.
New—MEDIA ADVISORY—Change in agenda for FASB Wednesday, Oct 1 Board meeting (Posted: 09/30/08)
New—SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value Accounting (Posted: 09/30/08)
In fact, in a
recent online survey of over 2,000 investors conducted by CFA
Institute, an overwhelming majority of respondents (79%) said
that for financial institutions, fair value accounting improves
transparency and contributes to investor understanding about
risk. (The survey results are available at http://www.cfainstitute.org.)
Some Facts about Fair Value
By Robert H. Herz, FASB Chairman, and Linda A. MacDonald, FASB Director