Market Overview

FAF Trustees Reappoint James L. Kroeker as Vice Chairman of Financial Accounting Standards Board; Gary Buesser Named to Board Effective July 2018


The Board of Trustees of the Financial Accounting Foundation (FAF) today
announced the reappointment of James
L. Kroeker
as vice chairman of the Financial Accounting Standards
Board (FASB). The Trustees also announced the appointment of Gary R.
Buesser—a long-time portfolio manager and financial analyst—to the FASB.
Both terms are effective July 1, 2018.

Mr. Kroeker's second and final term extends through June 30, 2024. He
began his first term as vice chairman of the FASB on September 1, 2013.
During his term, Mr. Kroeker worked closely with FASB Chairman Russell
G. Golden
in leading the FASB's issuance and post-issuance support
of major new accounting standards including revenue recognition, leases,
credit losses, not-for-profit financial reporting, and hedging.

The position of vice chairman was created early in the FASB's history,
but was later retired. The FAF Trustees decided to reinstate the
position in 2013 in response to increasing demands on the time of the
FASB chairman.

Mr. Kroeker was the SEC's chief accountant from 2009 to 2012, following
two years of service as deputy chief accountant. Prior to joining the
FASB, Mr. Kroeker also served in a number of roles at Deloitte & Touche
LLP, most recently as deputy managing partner in the firm's professional
practice group. Between 1999 and 2001, Mr. Kroeker was a practice fellow
at the FASB, leading the project that resulted in a new standard for
accounting for stock compensation.

At the SEC, Mr. Kroeker led the effort to address the many accounting
and auditing issues that grew out of the economic crisis of 2008 to
2009, including taking steps to improve off-balance-sheet accounting
guidelines. In addition, he directed the SEC's Congressionally mandated
study of fair value accounting standards and served as the designated
federal officer responsible for the oversight of the SEC's Advisory
Committee on Improvement to Financial Reporting.

"On behalf of the FAF Board of Trustees, I am very pleased that Jim will
continue as FASB vice chairman," said Charles H. Noski, chairman of the
FAF Board of Trustees. "He has played a pivotal role during a highly
dynamic period in the Board's history and we're fortunate to have his
continued leadership as the FASB works to educate stakeholders on
understanding and implementing new accounting guidance in the areas the
Board addressed during his tenure," Noski added.

FASB Chairman Golden said "With Jim's reappointment, I'm very pleased to
be able to continue to work alongside and collaborate with him as I have
over the past years—a critical phase in the Board's history. The FASB
also benefits greatly not only from Jim's deep experience and singular
perspective, but also from his wise counsel."

Mr. Buesser has been a portfolio manager/research analyst for the past
30 years, including at Lazard Asset Management from 2000 to the present.
A director/research analyst at the firm since 2009, he has worked as an
accounting analyst to improve the firm's global investment
professionals' understanding of accounting standards to enable them to
make better-informed investment decisions. From 2000-2009, Mr. Buesser
was a portfolio manager/research analyst on the US Strategic Equity and
US Mid-Cap product teams.

Prior to Lazard, Mr. Buesser was a portfolio manager at the Evergreen
Funds, SG Cowen Asset Management and Shearson Lehman Hutton Asset
Management. Mr. Buesser is a Chartered Financial Analyst (CFA) and a
member of the New York Society of Security Analysts (NYSSA).

He currently serves on the FAF's Financial
Accounting Standards Advisory Council
(FASAC). From 2010 to 2013,
Mr. Buesser served on the FASB's Investor Advisory Committee, including
as co-chair from 2012 to 2013. He has also participated in numerous FASB
investor outreach projects.

Mr. Buesser has been a member of the International Corporate Governance
Network (ICGN) since 2013 and served as the chair or co-chair of the
organization's Accounting and Auditing Practices Committee from 2015 to
2017. He has an MBA/Finance from the College of William and Mary
(Virginia) and a BS Economics from St. Peter's College (New Jersey).

Mr. Buesser will succeed Marc
A. Siegel
, who joined the FASB in July 2008 and whose second and
final term concludes on June 30, 2018. At the conclusion of his term on June
30, 2023
, Mr. Buesser will be eligible for appointment to a second
five-year term.

"We are delighted to welcome Gary to the FASB," Mr. Noski said. "The
decades of insight and expertise he has gained working with financial
statements from a portfolio management, equity research, and accounting
analyst perspective will be a tremendous benefit to the Board. His deep
experience and broad knowledge of how investors make decisions and the
information they need to know position Gary as an ideal addition to the

"I'm very pleased to see Gary appointed to the FASB," added Mr. Golden.
"He's worked closely with the Board in numerous capacities over the past
years and we are confident that his real-world understanding and keen
analysis, which have been so valuable to the Board during his service as
an advisor, will benefit the FASB more directly when he joins the Board
next year."

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the
independent, private-sector, not-for-profit organization based in
Norwalk, Connecticut responsible for the oversight, administration,
financing, and appointment of the Financial Accounting Standards Board
(FASB) and the Governmental Accounting Standards Board (GASB). The FASB
and GASB establish and improve financial accounting and reporting
standards—known as Generally Accepted Accounting Principles, or GAAP—for
public and private companies, not-for-profit organizations, and state
and local governments in the United States. For more information, visit

About the Financial Accounting Standards Board (FASB)

Established in 1973, the FASB is the independent, private-sector
organization, based in Norwalk, Connecticut, that establishes financial
accounting and reporting standards for public and private companies and
not-for-profit organizations that follow Generally Accepted Accounting
Principles (GAAP). The FASB is recognized by the Securities and Exchange
Commission as the designated accounting standard setter for public
companies. FASB standards are recognized as authoritative by many other
organizations, including state Boards of Accountancy and the American
Institute of CPAs (AICPA). The FASB develops and issues financial
accounting standards through a transparent and inclusive process
intended to promote financial reporting that provides useful information
to investors and others who use financial reports. The Financial
Accounting Foundation (FAF) supports and oversees the FASB. For more
information, visit

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