FASB, PCAOB Board Members Named

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Earlier today, the Financial Accounting Foundation announced that Daryl E. Buck, currently CFO of Reasor’s Holding Company, Inc. and R. Harold Schroeder, currently a partner in Carlson Capital have been appointed members of the Financial Accounting Standards Board. As noted in the FAF's press release, the appointments return the size of the FASB board to seven.

The news follows by a week the announcement by the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board of the appointment of three new board members of the PCAOB: Jim Doty (a partner at law firm Baker & Botts, and a former SEC General Counsel, appointed as Chairman of the PCAOB), along with new PCAOB board members Jay Hanson, a partner at audit firm McGladrey and Pullen, and Lew Ferguson, a partner at law firm Gibson, Dunn and Crutcher (and a former General Counsel of the PCAOB). See the SEC’s press release, and the PCAOB’s press release.

Regarding the new board appointments to the FASB and PCAOB, FEI President and CEO Marie N. Hollein stated,

I congratulate the new FASB and PCAOB board members, in particular FEI member Daryl Buck, chair ofFEI’s Committee on Private Company Standards, (CPC-S), and a member of the FEI board, for his appointment to the FASB board.

In addition, Buck has also served as on the Blue Ribbon Panel on Standard Setting for Private Companies co-sponsored by the AICPA, FAF and NASBA, and formerly served as a member of the Private Company Financial Reporting Committee (PCFRC) co-sponsored by the FAF and AICPA.

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