Financial Accouting Foundation Appoints Two New Trustees

Norwalk, CT, November 14, 2023—The Financial Accounting Foundation (FAF) today announced the appointment of two new members to the Board of Trustees: Michael B. Clement and Elizabeth (Beth) Pearce. Both new members will begin their terms of service on January 1, 2024 and conclude on December 31, 2028.

The FAF is the parent organization of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). “The FAF Board of Trustees is pleased to welcome Michael and Beth as its newest members,” said FAF Chair Edward C. Bernard. “Both of these individuals bring extensive knowledge and a wealth of experience in their respective fields to the roles they will play on the Board. I look forward to working with them.”

The new appointees will fill the roles of Trustees Mary E. Barth, current vice chair of the Board, and David H. Lillard, Jr., the Board’s secretary and treasurer. Both began their terms in April of 2019 and will conclude their service on December 31, 2023.

Clement is on the faculty of the University of Texas at Austin, where he teaches in the Department of Accounting. Clement is also a visiting professor of Business Administration in the Accounting and Management unit at Harvard Business School. His current research investigates the dissemination and use of financial information in the capital markets, with a focus on the activities and performance of sell-side security analysts. His research has been published in leading academic journals including the Journal of Accounting and Economics, the Journal of Accounting Research, the Accounting Review, the Journal of Finance, and the Academy of Management Journal. He formally served as an editor at Accounting Horizons and was on the editorial board of the Accounting Review. His research has also been mentioned in The Wall Street Journal, Barron’s, Financial Times, The Economist, and USA Today.

Pearce currently serves as the chair of the Governmental Accounting Standards Advisory Council (GASAC), a role to which she was appointed by the FAF Board of Trustees in 2022. In this role she engages members of the Council in active discussions regarding technical and other issues which may impact the diverse stakeholder base of the GASAC. Pearce retired from her position as Vermont State Treasurer in January of 2023 after over a decade of service, having first been appointed by the Governor and then winning five successful elections. She is a recognized leader among state treasurers and served as President of both the National Association of State Treasurers (NAST) and the National Association of State Auditors, Comptrollers, and Treasurers (NASACT). Prior her service as State Treasurer, Pearce had a long and distinguished career in state and municipal finance in Massachusetts, Connecticut, New York, and Vermont.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is an independent, private-sector, not-for-profit organization based in Norwalk, Connecticut. Its Board of Trustees is 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 (collectively, “the Boards”) 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. Both Boards set high-quality standards through a process that is robust, comprehensive, and inclusive. The FASB is responsible for standards for public and private companies and not-for-profit organizations, whereas the GASB is responsible for standards for state and local governments.

The Foundation’s Board of Trustees comprises 14–18 members from varied backgrounds—users, preparers, and auditors of financial reports; state and local government officials; academics; and regulators. The Trustees direct the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their complementary missions; select and appoint FASB and GASB members and their advisory councils; oversee the Boards’ activities and due process; and promote and protect the independence of the Boards. For more information, visit