Leslie Seidman will take on the role of
chairman of the Financial Accounting Standards Board (FASB).

Seidman has served as the acting FASB chairman
since the retirement of Robert Herz on 30 September 2010.  She
was appointed a member of the FASB in 2003 and started her career
as a member of the audit staff at Arthur Young & Co. (now Ernst
& Young).

Seidman has also previously served as a vice
president in the accounting policies department of JP Morgan where
she was responsible for establishing accounting policies for new
financial products and analysing and implementing new accounting

Financial Accounting Foundation (FAF) chairman
John Brennan said: “As the FASB continues its efforts to address
the many significant accounting and financial reporting issues both
here in the US and globally, Seidman’s depth of experience with
international and domestic financial reporting issues will enhance
our progress toward meeting the needs of all of our varied

Seidman’s appointment is widely supported by
the profession and by the US Securities and Exchange

The FAF said it is also in process of
evaluating candidates for the two additional FASB seats and their
announcements are expected early this year.