News Release 06/28/13

FAF STATEMENT ON RETIREMENT OF FASB AND GASB CHAIRS

Norwalk, CT, June 28, 2013—The Financial Accounting Foundation (FAF) today released the following statement regarding the retirement on June 30 of Financial Accounting Standards Board (FASB) Chairman Leslie F. Seidman and Governmental Accounting Standards Board (GASB) Chairman Robert H. Attmore.

The statement should be attributed jointly to FAF Board of Trustees Chairman Jeffrey J. Diermeier and FAF President and CEO Teresa S. Polley.

“Together, Bob and Leslie devoted nearly 20 years on their respective Boards to promoting financial reporting that gives investors, taxpayers, lenders, and others the clear, transparent and reliable information they need to make decisions about where to invest their capital, and whom to elect to public office.

“During her tenure at the FASB, Leslie fostered greater stakeholder involvement in the standard-setting process; enhanced the FASB’s focus on the needs of private company issuers; and facilitated the continued convergence and comparability of financial reporting standards around the world.

“Under Bob’s leadership, the GASB addressed such important accounting issues as pensions and other retirement benefits, derivatives, municipal bankruptcies, and fund balance reporting with professionalism and a regard for the concerns of all stakeholders.

“We are deeply indebted to both Leslie and Bob for their integrity, discipline, and commitment to excellence that they brought to their service to the FASB and the GASB.”


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 is also responsible for selecting the members of both Boards and their respective Advisory Councils.