NEWS RELEASE 11/23/10

Financial Accounting Foundation Appoints New Members to the Financial Accounting Standards Advisory Council

Norwalk, CT, November 23, 2010—The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of nine new members to the Financial Accounting Standards Advisory Council (FASAC) effective January 1, 2011. The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on technical issues, project priorities, and other matters that affect standard setting.

Members of the FASAC are chosen from a broad cross-section of the FASB’s constituencies, including preparers, users, practitioners, associations, academics, and others interested or involved in financial reporting. They are selected based on their professional expertise and in consideration of the need to bring a wide variety of constituent views to the table.

The following new members will begin their term on the FASAC effective January 1, 2011:

User (Investor) Community
  • Charles K. Bobrinskoy, Vice Chairman, Ariel Investments
  • Gail L. Hanson, Deputy Executive Director, State of Wisconsin Investment Board
  • Alan M. Meder, Senior Vice President, Duff & Phelps Investment Management Company

Preparer (Corporate) Community
  • Prat S. Bhatt, Vice President, Corporate Controller and Principal Accounting Officer, Cisco Systems, Inc.
  • Marc A. Delametter, Vice President of Accounting/Controller, QuikTrip Corporation
  • Jamie S. Miller, CPA, Vice President—Controller and Chief Accounting Officer, General Electric Company

Practitioner (Audit) Community
  • Carmen L. Bailey, Partner, KPMG

Association
  • Sandra J. Peters, CPA, CFA, Head, Financial Reporting Policy Group, CFA Institute

Other
  • Samuel J. Levenson, Senior Vice President of Investor Relations, Sony Corporation of America

In addition to the new appointees, the FAF reappointed FASAC Chairman Dennis Chookaszian and 27 current FASAC members.

“I look forward to welcoming our new members to the FASAC,” stated Dennis Chookaszian, chairman of the FASAC. “Their diverse and distinguished backgrounds will help ensure that a variety of stakeholder perspectives are considered as part of the standard-setting process, and that investors will continue to play an important role in this area. Their insights and experience will continue to enhance our ability to provide input to the FASB regarding the kinds of information that will improve financial reporting.”

“FAF remains committed to ensuring the integrity and independence of the standard-setting process by bringing as many views to the table as possible,” added FAF President and CEO Teresa S. Polley. “FASAC is a key source of input to this process, and we are confident that these newly appointed FASAC members will provide valuable perspectives to the Board as it continues its mission to develop standards that bring greater transparency to financial reporting.”

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.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.