NEWS RELEASE 05/23/13

FINANCIAL ACCOUNTING FOUNDATION NAMES DR. TERRY D. WARFIELD TO ITS BOARD OF TRUSTEES

Norwalk, CT, May 23, 2013—The Financial Accounting Foundation (FAF) announced today that it has appointed Dr. Terry D. Warfield, PwC Professor in Accounting and chair of the Department of Accounting and Information Systems at the University of Wisconsin, Madison, to the FAF Board of Trustees. The FAF is the independent, private-sector organization responsible for the oversight of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

“The Board of Trustees is pleased to welcome Terry as its newest member,” said FAF Chairman Jeffrey J. Diermeier. “His extensive academic, banking, and accounting background will add significant value to the Trustees as we work to support the FASB and GASB in establishing and improving financial accounting standards.”

Throughout his distinguished academic career, Dr. Warfield’s research has focused on accounting standards and disclosure policies, including the effects of accounting information and disclosures on securities markets.

From 1995 to 1996, Dr. Warfield served as the academic accounting fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington D.C. In that position, he worked on projects related to financial instruments, financial institutions, and helped coordinate a symposium on intangible asset financial reporting. Previously, Dr. Warfield worked in the banking industry.

He also has previously served as a member of the Financial Accounting Standards Advisory Council (FASAC), the principal advisory body to the Financial Accounting Standards Board. He has been a member of the FASB’s Financial Accounting Standards Research Initiative Advisory Board, a group that facilitates outreach to the academic community on issues related to the FASB agenda.

Dr. Warfield holds a bachelor’s degree and master’s degree in business administration from Indiana University and a Ph.D. from the University of Iowa.

Dr. Warfield’s appointment fills a vacancy on the Trustees with a term that extends to December 2015; at that time, he will be eligible to be reappointed for an additional three years.


About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.