Intermediate Accounting I Final Paper

In 1973, the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. Therefore, the FASB plays a vital and important role in protecting the financial well being and the overall stability of our economy. “The Financial Accounting Foundation (FAF), organized in 1972, is the independent, private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB)” (FAF, 2009). The five members of the FASB serve full time and are required to sever connections with the firms or institutions they served prior to joining the Board. While collectively they represent diverse backgrounds, they also must possess “knowledge of accounting, finance, and business, and a concern for the public interest in matters of financial accounting and reporting.” Board members are appointed for five-year terms and are eligible for reappointment to one additional five-year term. Expiration dates (on June 30) of current terms are indicated (, 2009b).

The Current Board Members are as follows:
Robert H. Herz, Chairman, 2012 - Robert H. Herz was appointed chairman of the Financial Accounting Standards Board (FASB), effective July 1, 2002, and was reappointed to a second term effective July 1, 2007. Previously, he was a senior partner with PricewaterhouseCoopers. Prior to joining the FASB, Mr. Herz was PricewaterhouseCoopers North America Theater Leader of Professional, Technical, Risk & Quality and a member of the firm’s Global and U.S. Boards. He also served as a part-time member of the International Accounting Standards Board (IASB). Mr. Herz is both a certified public accountant and a chartered accountant (, 2009c). •Thomas J. Linsmeier, 2011 - Thomas J. Linsmeier was appointed as a member of the Financial Accounting Standards Board (FASB) in July 2006. An award-winning teacher and researcher with particular expertise in financial reporting for derivatives and risk-management activities, Dr. Linsmeier was formerly Russell E. Palmer Endowed Professor and Chairperson of the Department of Accounting and Information Systems at Michigan State University. He also has served as academic fellow and special consultant to the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC), where he was responsible for developing U.S. financial reporting disclosure rules relating the market risk inherent in derivatives and other financial instruments. In addition, he has held professorial appointments at the University of Iowa and the University of Illinois at Urbana–Champaign. Dr. Linsmeier is a certified public accountant (, 2009d). •Leslie F. Seidman, 2011 - Leslie F. Seidman was appointed to the Financial Accounting Standards Board (FASB), effective July 1, 2003. Prior to joining the Board, Ms. Seidman managed her own firm, providing consulting services to major corporations, accounting firms, and other concerns. Previously, Ms. Seidman was vice president of accounting policy at J.P. Morgan & Company where she was responsible for establishing accounting policies for new financial products and analyzing and implementing new accounting standards. Ms. Seidman started her career as an auditor in the New York office of Arthur Young & Company (now Ernst & Young LLP) and is a certified public accountant (, 2009e). •Marc A. Siegel, 2013 - On October 20, 2008, Marc A. Siegel was appointed to a...
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