NEWS RELEASE 09/10/12
Financial Accounting Standards Board Announces Three New Members Appointed to the Emerging Issues Task ForceNorwalk, CT, September 10, 2012—The Financial Accounting Standards Board (FASB) today announced the appointment of three new members to the Emerging Issues Task Force (EITF). The EITF assists the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues.
Members of the EITF are chosen from a cross-section of the FASB’s constituents, including public accounting firms, preparers of financial statements, and users of financial statements. EITF members are appointed by the FASB technical director based on their professional expertise. Members are appointed to staggered five-year terms, renewable at the discretion of the EITF chairman.
The new members are:
Terri Z. Campbell, CFA, is a managing director with Liberty Mutual Group Asset Management Inc. and is responsible for the public equity investments of the company. Prior to joining Liberty Mutual, Terri managed a U.S. large cap core fund for Eastern Investment Advisors, a division of Eastern Bank in Boston. She also has held analyst positions covering information technology stocks at The Boston Company Asset Management and energy stocks at Independence Investment Associates, a subsidiary of John Hancock Life Insurance. She will begin her EITF term on September 11, 2012.
Jackson Day is the Americas director of accounting standards setting for Ernst & Young LLP. From 1997 to 1999, he was an FASB practice fellow. Jack also has been both an acting chief accountant and a deputy chief accountant of the U.S. Securities and Exchange Commission (SEC), as well as Chairman of the International Organization of Securities Commissions’ Standing Committee on accounting, auditing, and disclosure. He will begin his term on the EITF on September 11, 2012.
Larry J. Salva is senior vice president, chief accounting officer and controller of Comcast Corporation. Prior to joining Comcast in January 2000, Larry was a partner with PricewaterhouseCoopers for over 12 years. Larry also served as a professional accounting fellow with the U.S. SEC’s Office of the Chief Accountant. He will begin his term on the EITF on November 1, 2012.
“We’re very pleased to welcome our new members to the Emerging Issues Task Force,” stated Susan M. Cosper, chairman of the EITF and FASB technical director. “Each brings deep experience and a unique stakeholder perspective to the table, and we look forward to welcoming them to the EITF.”
“Terri Campbell, Jackson Day, and Larry Salva each possess a wealth of professional expertise that is critical to our ability to resolve, in a timely fashion, financial reporting challenges faced by practitioners,” added FASB Chairman Leslie F. Seidman. “We are confident that the new members will provide valuable contributions to the EITF in fulfilling its role of helping the FASB address accounting practice issues as they arise.”
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.