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ACC305 Wk 5 Final Paper.docACC305 Wk 5 Final Paper.docACC305 Wk 5 Final Paper.doc

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Final Project Paper 1
Final Project Paper
Name
ACC 305: INTERMEDIATE ACCOUNTING I
(BBE0941A)
Professor
March 21, 2011

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Final Project Paper 2
In 1973, the Financial Accounting Standards Board (FASB) was created and their
mission is “to establish and improve standards of financial accounting and reporting for
the guidance and education of the public, including issuers, auditors, and users of
financial information.” (FASB.org, 2009a). The FASB is a private, not-for-profit
organization whose primary purpose is to develop generally accepted accounting
principles (GAAP) within the United States. The Securities and Exchange Commission
(SEC) designated the FASB as the organization responsible for setting accounting
standards for public companies in the U.S. Therefore, the FASB plays a vital and
important role in protecting the financial well being and the overall stability of our
economy.
“The Financial Accounting Foundation (FAF), organized in 1972, is the independent,
private-sector organization with responsibility for the oversight, administration, and
finances of the Financial Accounting Standards Board (FASB)” (FAF, 2009).
The five members of the FASB serve full time and are required to sever
connections with the firms or institutions they served prior to joining the
Board. While collectively they represent diverse backgrounds, they also
must possess “knowledge of accounting, finance, and business, and a
concern for the public interest in matters of financial accounting and
reporting.” Board members are appointed for five-year terms and are
eligible for reappointment to one additional five-year term. Expiration
dates (on June 30) of current terms are indicated (FASB.org, 2009b).

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Final Project Paper 3
The Current Board Members are as follows:
Robert H. Herz, Chairman, 2012 - Robert H. Herz was appointed chairman
of the Financial Accounting Standards Board (FASB), effective July 1, 2002,
and was reappointed to a second term effective July 1, 2007. Previously, he
was a senior partner with PricewaterhouseCoopers. Prior to joining the FASB,
Mr. Herz was PricewaterhouseCoopers North America Theater Leader of
Professional, Technical, Risk & Quality and a member of the firm’s Global
and U.S. Boards. He also served as a part-time member of the International
Accounting Standards Board (IASB). Mr. Herz is both a certified public
accountant and a chartered accountant (FASB.org, 2009c).
Thomas J. Linsmeier, 2011 - Thomas J. Linsmeier was appointed as a
member of the Financial Accounting Standards Board (FASB) in July 2006.
An award-winning teacher and researcher with particular expertise in financial
reporting for derivatives and risk-management activities, Dr. Linsmeier was
formerly Russell E. Palmer Endowed Professor and Chairperson of the
Department of Accounting and Information Systems at Michigan State
University. He also has served as academic fellow and special consultant to
the Office of the Chief Accountant at the U.S. Securities and Exchange
Commission (SEC), where he was responsible for developing U.S. financial
reporting disclosure rules relating the market risk inherent in derivatives and
other financial instruments. In addition, he has held professorial appointments
at the University of Iowa and the University of Illinois at Urbana–Champaign.
Dr. Linsmeier is a certified public accountant (FASB.org, 2009d).

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