The Financial Accounting Standards Board (FASB) appointed Lawrence W. Smith to a five-year term as a member effective July 1, 2007.
Smith will replace Edward W. Trott who will retire from the board on June 30, 2007. Board members are appointed by the Financial Accounting Foundation (FAF).
Smith is currently director of FASB's Technical Application and Implementation Activities, and chairman of the Emerging Issues Task Force. Prior to joining FASB in 2002, Smith worked at KPMG for 25 years.
The seven-member FASB is led by Chairman Robert Herz.
"We conducted a thorough and rigorous search for the next FASB member," said Financial Accounting Foundation appoints FASB members. President and COO Robert DeSantis. "Larry met all of our criteria and was selected from a group of highly qualified candidates."