FASB appoints two new members, brings board back to seven-person structure
The Financial Accounting Foundation appointed two new members to the Financial Accounting Standards Board, completing the move back to seven directors. Joining the board are Daryl Buck, senior vice president and chief financial officer of Reasor's Holding Company in Tahlequah, Okla., and R. Harold Schroder, a partner at Carlson Capital in Greenwich, Conn. "We are delighted to appoint Daryl and Hal to the FASB," said John Brennan, chairman of the foundation. "Daryl brings hands-on experience with the issues private companies are facing, along with great expertise garnered from his auditing background in serving the differing needs of many constituents. Hal has significant experience in all aspects of financial reporting and is driven by a strong dedication to transparency for investors." As CFO of Reasor's, Buck has 18 years of experience in financial reporting, planning and analysis for a private company. He previously led audit engagements at Arthur Andersen & Co., and has served as a member of the private company financial reporting committee, which is an advisory group to FASB. Schroder spent the last 30 years at Ernst & Young, where he served as a senior equity analyst, chief financial officer and an audit partner. Since he's been with Carlson Capital, a Dallas-based asset management company, he's overseen all financial services investments. "Daryl and Hal’s backgrounds reflect the diversity of our stakeholders and align superbly with our challenging agenda to address important reporting issues for public and private companies, both domestic and international," said Leslie Seidman, chairman of FASB. Seidman was recently appointed chairman after Robert Herz retired. FASB announced in August it was returning to a seven-member structure, after having only five members for two years. The change was made to "enhance the FASB's investment in the convergence agenda with the International Accounting Standards Board (IASB), while addressing the unprecedented challenges facing the American capital markets in the months and years ahead," according to Brennan. Mary Schapiro, chairman of the Securities and Exchange Commission, commended the announcement, saying it proved an ongoing effort from the foundation to "evaluate and improve the effectiveness and efficiency of the structure and operation of FASB." "In addition, this should enhance the ability of the FASB to address issues facing the U.S. capital markets and the needs of investors," she said. The foundation oversees, administers and finances both the FASB and the Governmental Accounting Standards Board. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.