Financial Accounting Foundation

Consists of 16 trustees nominated for election by the following sponsoring organizations representing the indicated constituencies (the number of trustees nominated by each interest group is in parentheses):

AICPA--public accounting (4)

Association for Investment Management and Research--users of financial statements (1)

Financial Executives Institute, Institute of Management Accountants, and Securities Industry Association--preparers of financial statements (4)

American Accounting Association--educators (1)

Government Finance Officers Association and the National Association of State Auditors, Comptrollers, and Treasurers--government (3)

In addition there are three at-large nominees.

The FAF appoints the members of the Financial Accounting Standards Board, the Government Accounting Standards Board, and the advisory councils to those two standard setting bodies.

Financial Accounting Standards Board

The members of FASB are appointed by the FAF. There are no specific background requirements for the board members. Traditionally, however, the board has been comprised of the following:

two from industry

one from education

three from public accounting

one financial analyst

Financial Accounting Standards Advisory Council

The members of the council are appointed by the trustees of FAF and are to consist of no fewer than 20 persons from a broad range of occupational backgrounds. There presently are 33 members, and it is chaired by a part-time salaried chair, Karl Von der Heyden. The council is strictly advisory to the FASB. It does not vote as a body. There is now discussion going on as to the extent FASAC should participate in setting FASB's agenda. *