FASB expands from 5 to 7 members, Chairman Herz retires

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25 Aug 2010

The Board of Trustees of the United States Financial Accounting Foundation (FAF) has announced that the Financial Accounting Standards Board (FASB) will grow from five to seven members. In addition, FASB Chairman Robert Herz has decided to retire from the FASB after more than eight years leading the standard-setting board. FASB member Leslie Seidman has been appointed Acting Chairman, effective October 1, 2010.

The FASB previously operated with seven board members from its inception in 1973 until 2008. The transition to a seven-member board will occur as soon as the process to recruit and evaluate candidates is complete, which the FAF expects to occur in early 2011.

Chairman Jack Brennan, FAF Chairman said:

"Returning the Board to the seven-member structure will enhance the FASB's investment in the convergence agenda with the International Accounting Standards Board (IASB), while addressing the unprecedented challenges facing the American capital markets in the months and years ahead."

Click here to go to the FAF press release (link to the FAF website).

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