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Siegel Reappointed to FASB Board; Agenda-Setting Returns to Full FASB (GASB) Board

The Financial Accounting Foundation (FAF), which oversees the FASB and GASB, announced yesterday the reappointment of FASB board member Marc A. Siegel to a second term on the FASB board.

As noted in FASB's press release:

Prior to joining the [FASB] Board, Mr. Siegel led the Accounting Research and Analysis team at the RiskMetrics Group in Rockville, Maryland. A recognized expert in forensic accounting with over 20 years of experience in global industries including technology, media, telecommunications, healthcare, retail, and insurance.  

As noted in his FASB bio:
Siegel was the director of research at the Center for Financial Research & Analysis (CFRA), prior to the firm’s acquisition by RiskMetrics Group. In this capacity, he was responsible for CFRA’s proprietary research methodology for identifying hidden risks of business deterioration through forensic financial statement analysis, leading a team of twenty five analysts in North America and Europe. He joined CFRA in 2001, after spending ten years at Arthur Andersen LLP as both an auditor and a financial consultant focusing on litigation support,
Siegel also was a member of FASB's Investor Technical Advisory Committee (ITAC) from January 2007 until his appointment to the FASB.

FAF Announces Change to Agenda-Setting Process for FASB, GASB Board

Concurrent with the announcement of Siegel's reappointment, the FAF separately announced what they described as "a key change to the agenda-setting process of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB." 

Reversing a prior decision from a few years ago, which was not only controversial but received a fair amount  of criticism at the time - along with criticism of the concurrent reduction in size of the FASB board - which has since been rectified by returning the board to its original size of seven, the "key change" to the agenda-setting process being effected now by the FAF with respect to the FASB and GASB is as follows, as described in the FAF's press release: 
Decisions regarding project plans, agenda setting, and priority of projects now will be approved by a majority vote of the respective Boards, instead of by the Board chair alone.
All agenda decisions going forward will be voted on in public meetings, continues the press release, which also discusses some GASB Post-Implementation Reviews (PIR's).

Posted: 2/27/2013 4:16:28 PM by Edith Orenstein | with 0 comments
Filed under: Center for Financial Research and Analysis,Marc A. Siegel,Marc Siegel,post-implementation review,Risk Metrics,CFRA,FAF,FASB,GASB,ITAC,PIR,standards-setting,Agenda-setting

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