News Release 11/28/16

REMEMBERING G. MICHAEL CROOCH, FORMER FASB MEMBER, WHO DIED NOVEMBER 24


Norwalk, CT—November 28, 2016—The Financial Accounting Standards Board (FASB) today issued the following statement regarding former FASB member G. Michael Crooch, who died Thursday, November 24. He was 73.

The statement should be attributed to FASB Chairman Russell G. Golden:

“We are deeply saddened by the death of our friend and former colleague Mike Crooch. During his tenure on the FASB, Mike provided invaluable perspective and insight as the Board worked toward guidance on such major projects as stock-based compensation, business combinations, the conceptual framework, and numerous efforts to make standards more comparable across international borders.

“Personally, we’ll never forget Mike’s dedication, kindness, humor, and friendship. A true gentleman, he will be missed by everyone who had the pleasure of knowing and working with him. We join with Mike’s wife of 48 years, Janet, and their two sons, Joshua and Ben, in remembering and honoring the life of a remarkable man.”

Mr. Crooch was appointed to the FASB by the FAF’s Board of Trustees in 2000. He was appointed to a second term in 2005, and concluded his service in 2008.

Prior to joining the FASB, Mr. Crooch was a partner with Arthur Andersen and director of the firm’s International Professional Standards Group. He was the American Institute of Certified Public Accountants’ (AICPA) delegate to the International Accounting Standards Committee (IASC) and served on the IASC’s Executive Committee. He also served on the AICPA’s Accounting Standards Executive Committee, including three years as the Committee chairman.

Mr. Crooch earned bachelor’s and master’s degrees from Oklahoma State University and a Ph.D. from Michigan State University.


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.