NEWS RELEASE 01/12/12

The Financial Accounting Foundation Appoints William W. Fish and James E. Brown to the Governmental Accounting Standards Board

Norwalk, CT, January 12, 2012—William W. Fish, a seasoned municipal securities investment manager and analyst, and James E. Brown, a veteran auditor of governments and government organizations, have been appointed to the Governmental Accounting Standards Board (GASB), the Financial Accounting Foundation (FAF) announced today.

The GASB is the independent, private-sector organization that sets accounting and financial reporting standards for state and local governments in the United States. The FAF oversees the activities of the GASB and its sister accounting standard setter, the Financial Accounting Standards Board (FASB).

Mr. Fish was named to a four-and-a-half-year term commencing on February 1, 2012. He will replace GASB member Michael D. Belsky, who resigned in October 2011. Mr. Brown was appointed to a five-year term beginning on July 1, 2012. He will succeed outgoing GASB member James M. Williams, whose term expires on June 30.

“Bill Fish and Jim Brown will bring to their new role as GASB members a wealth of experience and expertise involving governmental accounting ─ Bill as a user of government financial statements and Jim as an auditor of those statements,” said John J. Brennan, chairman of the FAF Board of Trustees. “They will play very important roles as the GASB deals with a wide range of critical issues in the months and years ahead.”

GASB Chairman Robert H. Attmore said, “Bill Fish brings extensive experience as an accomplished securities professional, both as an investment manager and analyst specializing in municipal securities. Jim Brown has specialized in government accounting and auditing for nearly 40 years, serving as an auditor and a part-time educator. We’re very pleased to welcome them both to the Board and I look forward to their informed perspectives on the important issues facing the GASB.”

Mr. Fish served as chief investment officer of Chartis, U.S. (a property and casualty insurance subsidiary of AIG) from 2004 until 2010, where he was responsible for managing $80 billion in assets. Earlier, he had positions of increasing responsibility at AIG; ABN AMRO Securities; Donaldson, Lufkin & Jenrette; and Bankers Trust Company. Mr. Fish co-managed the municipal research group at ABN AMRO and was responsible for building and managing the municipal securities research department at Donaldson, Lufkin & Jenrette. He has served as president of the Society of Municipal Analysts and as chairman of the Municipal Analysts Group of New York. He received an MBA in finance from the University at Albany, NY and he is a recipient of the Lifetime Achievement Award from the National Federation of Municipal Analysts.

Mr. Brown served for more than 25 years as a partner at BKD, LLP, a large regional public accounting firm, headquartered in Springfield, Missouri. At BKD, he was responsible for quality control and training for the firm’s government and not-for-profit practice from 1984 until 2011, and acted as the firm’s principal contact with the GASB. Before joining BKD, he was a partner in a local public accounting firm in Joplin, Missouri. He previously taught accounting and auditing at Missouri Southern State University in Joplin and presently serves as a continuing education instructor for the American Institute of Certified Public Accountants (AICPA). A past member of the AICPA’s Auditing Standards Board and Board of Examiners, Mr. Brown is a certified public accountant and a certified government financial manager.


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.

About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website www.gasb.org.