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November 25, 2015 7:50 PM ET

Commercial Services and Supplies

Company Overview of Financial Accounting Foundation Inc.

Company Overview

Financial Accounting Foundation Inc. offers funding and selection services for the members of the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB). The foundation operates for charitable, educational, scientific, and literary purposes. Financial Accounting Foundation was founded in 1972 and is based in Norwalk, Connecticut.

Main Avenue 401 Merritt 7C

Norwalk, CT 06851

United States

Founded in 1972



Key Executives for Financial Accounting Foundation Inc.

Chief Executive Officer and President
Vice President and Additional Trustee
Director of Government Relations
Vice President of External Relations & Communications
Secretary, Treasurer, and Trustee
Age: 54
Compensation as of Fiscal Year 2015.

Financial Accounting Foundation Inc. Key Developments

Financial Accounting Foundation Announces Board Changes

Financial Accounting Foundation announced the appointment of 16 new members to the financial accounting standards advisory council. The foundation named as the new FASAC chair was Andrew G. McMaster Jr. the retired deputy chief executive officer and vice chairman of Deloitte and Touche LLP. Mr. McMasters initial term begins on January 1, 2016, and concludes on December 31, 2017. He succeeds Steven E. Buller, former managing director and chief financial officer of BlackRock Inc., who will retire from his role as FASAC chair on December 31, 2015. Mr. McMaster currently serves on the boards of directors for Black and Veatch. In addition to the new chair, the FAF trustees announced the appointment of 15 new FASAC members. FASAC members are selected from a cross-section of the FASBs stakeholders, including users, preparers, practitioners, academics, association members, and other parties interested in the integrity of full and complete financial reporting and disclosures. The new FASAC members will serve a one-year term beginning January 1, 2016, and are eligible to be reappointed for three additional one-year terms. In addition to Mr. McMaster, appointed to user Investor community are Stuart Birdt, Investment Officer, Interlaken Management, LLC. Gary Buesser, Director, Lazard Asset Management. Sameer Gokhale, Managing Director, Janney Montgomery Scott. Mark LaMonte Managing Director, Moody's. Randall Woods, Head of Investing for Pension Fund, FMC Corporation. Appointed to preparer corporate community are R. Scott Blackley, Controller, Capital One. Marie Gallagher, Senior V.P. and Controller, PepsiCo Inc. Ted Timmermans, Vice President, Controller, and Chief Accounting Officer, The Williams Companies. Appointed to auditor practitioner community. Kimber Bascom, Partner, KPMG. Sydney Garmong, Partner, Crowe Horwath. Richard R. Jones, Director of National Accounting, Ernst and Young. Joan Waggoner, Partner in Professional Standards, Plante Moran. Appointed to Academic Community are Jeffrey Hales, Associate Professor in Accounting, Georgia Institute of Technology. Catherine Shakespeare, Associate Professor of Accounting and Business, University of Michigan. Appointed to association community are Timothy LaSpaluto, Chief Financial Officer, American Institute of CPAs Fifteen FASAC members will complete their terms in 2015. Kay Ryan Booth, John Boulton, Peter Carlson, Susan S.Coffey, Neil A. Cotty, Anthony J. Dowd, Cynthia M. Fornelli, Larry Gray, Jan Hauser, Patrick E. Hopkins, Adam Hurwich, Paul Kepple, Dianne Hyde Russell, Stephen D. M. Schuetz, and Ronald Temple and Additionally, Hamilton retired from FASAC during 2015.

Financial Accounting Foundation Announces Executive Changes

The Board of Trustees of the Financial Accounting Foundation (FAF) appointed a new chair and three new members of the Private Company Council (PCC) to three-year terms that begin on January 1, 2016. FAF noted that named as incoming PCC chair was Candace E. Wright, who serves as a director with Postlethwaite & Netterville. Wright will succeed Billy M. Atkinson, whose term will conclude on December 31. With more than 30 years of experience in the accounting profession, Wright is the service line leader for Postlethwaite & Netterville's Assurance Services Group and the firm's quality control director. She also leads the firm's Financial Institutions industry group and Peer Review Services. The foundation said that other new members appointed to the Council were: Timothy J. Curt (preparer)-managing director and partner of Warburg Pincus LLC, David S. Lomax (user)-assistant vice president and underwriting officer of Liberty Mutual Insurance Company and Harold L. Monk Jr. (practitioner)-partner of Carr, Riggs & Ingram LLC. The three new members will replace current PCC members Mark Ellis (preparer), Neville Grusd (user), and Diane Rubin (practitioner), whose terms end on December 31.

Financial Accounting Foundation Announce Executive Changes

Financial Accounting Foundation (FAF) announced that Todd L. Cranford will become its new head of government affairs and external relations, based in Washington DC, effective June 1, 2015. In his new role, Mr. Cranford will be responsible for managing the organization's relationships with government officials and other key stakeholders, communicating the goals, priorities, and activities of the FAF, the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB). Mr. Cranford will assume his new responsibilities following the retirement on May 29 of Grace L. Hinchman, who currently leads the FAF's government affairs and external relations efforts. Mr. Cranford has spent most of his professional career in Washington, DC, with more than 20 years of experience in both private and public sector roles.

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