The Financial Accounting Foundation (FAF) today released the following statement regarding the retirement on June 30 of Financial Accounting Standards Board (FASB) Chairman Leslie F. Seidman and Governmental Accounting Standards Board (GASB) Chairman Robert H. Attmore.
"Together, Bob and Leslie devoted nearly 20 years on their respective Boards to promoting financial reporting that gives investors, taxpayers, lenders, and others the clear, transparent and reliable information they need to make decisions about where to invest their capital, and whom to elect to public office.
"During her tenure at the FASB, Leslie fostered greater stakeholder involvement in the standard-setting process; enhanced the FASB's focus on the needs of private company issuers; and facilitated the continued convergence and comparability of financial reporting standards around the world.
"Under Bob's leadership, the GASB addressed such important accounting issues as pensions and other retirement benefits, derivatives, municipal bankruptcies, and fund balance reporting with professionalism and a regard for the concerns of all stakeholders.
"We are deeply indebted to both Leslie and Bob for their integrity, discipline, and commitment to excellence that they brought to their service to the FASB and the GASB."
– FAF Board of Trustees Chairman Jeffrey J. Diermeier and FAF President and CEO Teresa S. Polley
The following is a statement by Barry C. Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs (AICPA) in reaction to Leslie Seidman's retirement as chair of the Financial Accounting Standards Board (FASB):
"The Institute wishes Leslie well upon her retirement as chair of FASB. We are grateful for her contributions on behalf of the financial reporting community and users of financial statements. During her tenure as FASB chair, board member and staffer Leslie excelled as a true leader. She clearly demonstrated a commitment to her role, while engaging in a constructive dialogue with all stakeholders. We look forward to working with Leslie in the future."