NEWS RELEASE 01/11/10

Rick Anderson Appointed Chairman of AICPA/FAF/NASBA “Blue-Ribbon Panel” to Address Standards for Private Companies

Norwalk, CT, January 11, 2010—The American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy (NASBA) today announced that Rick Anderson, chairman of Moss Adams LLP, has been named chairman of the “blue-ribbon panel” established to address how U.S. accounting standards can best meet the needs of users of private company financial statements.

Mr. Anderson currently serves on the FAF Board of Trustees. He was a member of the AICPA council for three years, is the immediate past chair of the AICPA Major Firms Group, and has been involved with other professional committees. He joined Moss Adams in 1973, spending his career in the firm’s Seattle and Yakima offices providing audit and consulting services to manufacturing, agricultural, and food processing entities. He was appointed director of accounting and auditing in 1984, director of operations in 1993, became president/COO in 1999, and became chairman and CEO in 2004.

“Rick is an outstanding selection to lead this panel,” AICPA President and CEO Barry Melancon said. “He has experience in all facets of private company accounting and as CEO of his firm he is in direct contact with a wide and diverse constituency of private companies. As a member of the FAF Board of Trustees he is keenly aware of the challenges inherent in setting accounting standards. Rick has a long personal track record of service to the profession and to the public. We look forward to working with him on this vitally important project.”

FAF President Teresa Polley said, “The FAF Board of Trustees is delighted that Rick has agreed to chair this panel. Rick brings a deep knowledge of the financial reporting issues faced by enterprises, both public and private, in diverse industries. That broad perspective will serve him well as the panel considers the needs of users of private company financial statements.”

Members of the panel will represent a cross section of financial reporting constituencies, including lenders, investors, and owners as well as preparers, auditors, and regulators. Further details on the composition of the panel will be announced shortly.

David Costello, president and chief executive officer of NASBA, said, “Mr. Anderson’s rich experience in serving clients in the accounting profession and in serving the general public in his role with the Financial Accounting Foundation ideally positions him to be the chairman of this panel addressing standards for private companies.”

As announced last month, the “blue-ribbon panel” will provide recommendations on the future of standard setting for private companies.


Media Contacts:

FAF - Neal E. McGarity, 203-956-5347, nemcgarity@f-a-f.org; Christine L. Klimek, 203-956-3459, clklimek@f-a-f.org

AICPA - William Roberts, 202-434-9266, wroberts@aicpa.org; Joel Allegretti, 212-596-6111, jallegretti@aicpa.org. Media representatives are invited to visit the AICPA Online Media Center at http://www.aicpa.org/MediaCenter

NASBA - Tom Kenny, 615-880-4237, tkenny@nasba.org


About the AICPA

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with more than 360,000 members, including CPAs in business and industry, public practice, government, and education. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and not-for-profit organizations. It develops and grades the Uniform CPA Examination.

The AICPA maintains offices in New York, Washington, D.C., Durham, N.C., Ewing, N.J, and Lewisville, Texas.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (www.fasb.org) and its counterpart for state and local government, the Governmental Accounting Standards Board (www.gasb.org).

The FASB is the designated organization in the private sector for establishing standards of financial accounting and reporting for non-governmental entities in the U.S. The GASB establishes and improves financial accounting and reporting standards for state and local governments. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

The FAF is based in Norwalk, Conn.

About NASBA

The National Association of State Boards of Accountancy (www.nasba.org) is the membership organization for the 55 boards of accountancy (50 states, Puerto Rico, Virgin Islands, Washington D.C., Guam, and Commonwealth of the Northern Mariana Islands. NASBA’s mission is to enhance the effectiveness of state boards of accountancy through programs which preserve the public trust and confidence in the CPA license, ensure that the integrity, objectivity and independence of CPAs are not compromised and foster compliance with ethical and professional standards.

NASBA is headquartered in Nashville, TN and maintains a northeast office in New York, NY.