Monday, November 22, 2010

FASB, Not Dozin' on Pozen Rec's, Announces Post-Implementation Review Process; FAF Announces Appointments

Last week the Financial Accounting Foundation or FAF, which oversees the Financial Accounting Standards Board, announced the launch of a post-implementation review process. This action follows, in part, on a recommendation made by the SEC's Committee on Improvements to Financial Reporting (CIFiR) aka the "Pozen Committee" - so named in honor of its chair, Bob Pozen. The recommendation was one of many recommendations aimed mainly at the SEC, but also at FASB and the PCAOB, in the final CIFiR report issued in August, 2008. (See, e.g. our previous posts: FASB's Anniversary Present to CIFiR, and SEC Ready To Roll With All Five Commissioners In Place; Pozen Committee Report Issued. )

As previously announced in July, Mark Schroeder, a recently retired senior partner at Deloitte & Touche LLP, was hired by the FAF as post-implementation review leader, assuming responsibility for the development, implementation, and management of the post-implementation review of standards and other authoritative pronouncements issued by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

FAF Appoints Terri Polley Pres. & CEO, Four New Trustees Named
In other news emanating from last week's FAF meeting, the FAF announced that Terri Polley has been named President and CEO of the FAF, the first time an officer with that title has been appointed to the FAF.

Additionally, the FAF announced the appointment of four new members: John Davidson of Tyco International, Stephen R. Howe, Jr. of Ernst & Young, Mack Lawhon, of Weaver, LLP, and Mary S. Stone, of the University of Alabama. All members of the FAF serve in their personal capacity; Davidson and Stone are also members of FEI.

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