News Release 11/20/15
FAF TRUSTEES NAME 16 NEW MEMBERS TO THE FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL
Norwalk, CT—November 20, 2015—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of 16 new members to the Financial Accounting Standards Advisory Council (FASAC).
The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on strategic issues, project priorities, and other matters that affect accounting standard setting.
Named as the new FASAC chair was Andrew G. McMaster Jr., the retired deputy chief executive officer and vice chairman of Deloitte & Touche LLP. Of the new members, five are investors, three are financial statement preparers, five are auditors, two are academics, and one is an association executive.
Mr. McMaster’s initial term begins on January 1, 2016, and concludes on December 31, 2017. He succeeds Steven E. Buller, former managing director and chief financial officer of BlackRock, Inc., who will retire from his role as FASAC chair on December 31, 2015.
During his 39 years with Deloitte, Mr. McMaster held a variety of operational, client services, and firm leadership roles, including serving on the board of directors for Deloitte LLP and Deloitte Touche Tohmatsu. He worked with many of the firm’s largest global clients as both a Lead Engagement partner and an Advisory Partner in diverse industries.
Mr. McMaster currently serves on the boards of directors for Black & Veatch, a global leader in engineering, procurement, and construction services for energy, water, and telecommunications, and for Hobart & William Smith Colleges.
A certified public accountant in the state of New York, Mr. McMaster received his MBA at Wharton School of the University of Pennsylvania and his BA in economics from Hobart College.
“During his distinguished career, Andrew McMaster Jr. has had a wide range of oversight responsibilities related to areas including auditing and finance, corporate governance, leadership development, and operations,” said Jeffrey J. Diermeier, chair of FAF Board of Trustees. “His diverse experience serving the financial services, health care, media, entertainment, manufacturing, and energy industries will be a tremendous asset to the FASAC in its mission to provide input to the FASB.”
In addition to the new chair, the FAF Trustees announced the appointment of 15 new FASAC members. FASAC members are selected from a cross-section of the FASB’s stakeholders, including users, preparers, practitioners, academics, association members, and other parties interested in the integrity of full and complete financial reporting and disclosures.
The new FASAC members will serve a one-year term beginning January 1, 2016, and are eligible to be reappointed for three additional one-year terms. In addition to Mr. McMaster, they are:
User (Investor) Community
- Stuart Birdt, Investment Officer, Interlaken Management, LLC
- Gary Buesser, Director, Lazard Asset Management
- Sameer Gokhale, Managing Director, Janney Montgomery Scott
- Mark LaMonte, Managing Director, Moody's
- Randall Woods, Head of Investing for Pension Fund, FMC Corporation
- R. Scott Blackley, Controller, Capital One
- Marie Gallagher, Senior V.P. and Controller, PepsiCo, Inc.
- Ted Timmermans, Vice President, Controller, and Chief Accounting Officer, The Williams Companies
- Kimber Bascom, Partner, KPMG
- Sydney Garmong, Partner, Crowe Horwath
- Richard R. Jones, Director of National Accounting, Ernst & Young
- Joan Waggoner, Partner in Professional Standards, Plante Moran
- Jeffrey Hales, Associate Professor in Accounting, Georgia Institute of Technology
- Catherine Shakespeare, Associate Professor of Accounting and Business, University of Michigan
- Timothy LaSpaluto, Chief Financial Officer, American Institute of CPAs
“The FAF and the FASB are pleased to welcome our new FASAC members, and look forward to their input on important standard-setting issues,” stated FAF President and CEO Teresa S. Polley. “We also thank Steve and the other members who served on the FASAC for their generous—and voluntary—commitment of time and resources to helping us improve financial reporting for all of our stakeholders.”
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.