FASB Chairman Herz to Retire; Financial Accounting Foundation to Increase Size of FASB
Today, the Board of Trustees of the Financial Accounting Foundation (FAF) announced that Bob Herz, chairman of the Financial Accounting Standards Board (FASB), has decided to retire from the FASB. Board member Leslie Seidman will replace him as acting chairman effective October 1, 2010. The Board of Trustees of the FAF also indicated that the FASB would expand from five to seven members. The expansion is expected to take place in early 2011. “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,” said FAF Chairman Jack Brennan.
For more information, read the FAF’s announcement posted on the FASB’s Web site.
