NEWS RELEASE 05/25/05

G. Michael Crooch Reappointed to Financial Accounting Standards Board

Norwalk, CT, May 25, 2005—At its May 16 Board of Trustees meeting, the Financial Accounting Foundation (FAF) approved the reappointment of G. Michael Crooch to a second five-year term as a member of the Financial Accounting Standards Board (FASB), effective July 1.

Commenting on the reappointment, Robert E. Denham, chairman of the Financial Accounting Foundation, stated, “Michael Crooch has been an outstanding member of the FASB who possesses a wealth of experience and a record of substantial contributions to the Board. The Trustees are very pleased to be able to make the announcement of his reappointment.”

Mr. Crooch was a partner with Arthur Andersen and director of the firm’s International Professional Standards Group before joining the FASB in 2000. He was the American Institute of Certified Public Accountants’ (AICPA) delegate to the International Accounting Standards Committee (IASC) and served on the IASC’s Executive Committee. He also served on the AICPA’s Accounting Standards Executive Committee, including three years as the Committee chairman.

He earned bachelor’s and master’s degrees from Oklahoma State University and a Ph.D. from Michigan State University.


About the Financial Accounting Foundation

The Financial Accounting Foundation is responsible for overseeing, funding and selecting the members of the FASB and the GASB. For more information on the organizations it oversees, visit the Foundation’s websites at www.fasb.org and www.gasb.org.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.