The Financial Accounting Foundation (FAF) said the Financial Accounting Standards Board (FASB) chairman Leslie Seidman and Governmental Accounting Standards Board (GASB) chairman Robert Attmore are to retire as of 30 June.
"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," FAF board of trustees chairman Jeffrey Diermeier and FAF president and chief executive Teresa Polley said.
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"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."
Russell Golden is to take over from Seidman and David Vaudt will succeed Attmore.
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