NEWS RELEASE 09/21/05

The Financial Accounting Foundation Appoints Rick Anderson to FAF Board of Trustees and Announces Additional Reappointments

Robert E. Denham Reappointed Chairman of FAF

Norwalk, CT, September 21, 2005—The Financial Accounting Foundation (FAF) today announced that Rick Anderson, Chairman of Moss Adams LLP, has been appointed to the FAF Board of Trustees. Mr. Anderson replaces Judith O' Dell, President of O'Dell Valuation Consulting LLC., whose term recently expired.

The Financial Accounting Foundation (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).

Moss Adams LLP is the 11th largest accounting and consulting firm in the U.S. and the largest firm headquartered on the West Coast.

Rick Anderson

Rick Anderson has been with Moss Adams since 1973, spending his career in the firm's Seattle and Yakima, Washington offices and providing audit and consulting services to manufacturing, agricultural and food processing entities. Named Chairman of Moss Adams in June of 2004, Rick has remained actively involved in strategic planning activities with clients and specializes in acquisition, expansion and divestiture analysis.

He has served on several American Institute of Certified Public Accountant (AICPA) task forces and is currently serving a three-year term on the AICPA Council.

Additional Reappointments

Also today, the FAF announced the reappointments of several Trustees to new three year terms, including that of Robert E. Denham, Partner in the Los Angeles-based law firm of Munger, Tolles & Olson LLP, as Chairman of the Foundation.

An attorney and former investment banking leader, Mr. Denham has served as FAF Chairman since January 2004. Prior to returning to Munger, Tolles & Olson LLP in 1998, he served as Chairman and Chief Executive Officer of Salomon Inc. in New York City from 1992 through 1997. Previous to this post, he was the firm's General Counsel. Prior to joining Salomon, Mr. Denham was Managing Partner at Munger, Tolles & Olson. He joined that firm in 1971.

Other FAF Trustee reappointments include:

Lee N. Price
President and Chief Executive Officer
Price Performance Measurement Systems, Inc.

Barbara H. Franklin
President and Chief Executive Officer
Barbara Franklin Enterprises

Duncan M. McFarland
Former Chairman and Chief Executive Officer
Wellington Management Company

Additional FAF Trustees include:

Frank C. Minter (Vice President, FAF)
Retired Vice President and
Chief Financial Officer
AT&T International

Douglas R. Ellsworth (Secretary and Treasurer of FAF)
Director of Finance
Village of Schaumburg, Illinois

Philip D. Ameen
Vice President and Comptroller
General Electric Company

W. Steve Albrecht
Associate Dean of the Marriott School of Management and Professor
Brigham Young University

William H. Hansell
Executive Director Emeritus
International City/County Management Association

Richard D. Johnson
Former Auditor of State, Iowa

Edward W. Kelley, Jr.
Former Governor
Federal Reserve System

James H. Quigley
Chief Executive Officer
Deloitte & Touche USA LLP

Ned V. Regan
University Professor
The City University of New York

Paul C. Wirth
Global Controller
Morgan Stanley

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.