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Robert Herz Reappointed as FASB Chairman

Tuesday, January 23, 2007

The Financial Accounting Foundation (FAF) made an announcement on January 23, 2007 that Robert H. Herz has been reappointed to a second five-year term as chairman on the Financial Accounting Standards Board (FASB). His term begins on July 1, 2007. In 2002, the initial year of his first appointment as FASB chairman, Mr. Herz presided over the historic Norwalk Agreement between the FASB and the International Accounting Standards Board (IASB) under which the two Boards agreed to work together to develop a common set of high-quality international accounting standards that will better serve the global capital markets. Since that time, the Boards have made significant progress, and in April 2005 they agreed that all major projects would be conducted jointly. A news release about Mr. Herz’s appointment can be found on the FASB’s website at www.fasb.org.