The chairmen of the Financial Accounting Standards Board and the Governmental Accounting Standards are both set to retire on June 30 as their terms near an end.

[IMGCAP(1)]Their parent organization, the Financial Accounting Foundation, as well as the American Institute of CPAs, released statements to commemorate the service of FASB chair Leslie Seidman and GASB chair Robert Attmore, and mark the transition to new leadership at the standard-setting boards. FASB member Russell Golden will be taking the helm at FASB on July 1, while Iowa Auditor of State David A. Vaudt will become chairman of GASB the same day (see Russell Golden to Chair FASB and Iowa Auditor of State David Vaudt to Chair GASB).

“Together, Bob and Leslie devoted nearly 20 years on their respective boards to promoting financial reporting that gives investors, taxpayers, lenders and others the clear, transparent and reliable information they need to make decisions about where to invest their capital, and whom to elect to public office,” said FAF chairman Jeffrey J. Diermeier and FAF president and CEO Teresa S. Polley in a joint statement. “During her tenure at the FASB, Leslie fostered greater stakeholder involvement in the standard-setting process; enhanced the FASB’s focus on the needs of private company issuers; and facilitated the continued convergence and comparability of financial reporting standards around the world.

[IMGCAP(2)]"Under Bob’s leadership, the GASB addressed such important accounting issues as pensions and other retirement benefits, derivatives, municipal bankruptcies, and fund balance reporting with professionalism and a regard for the concerns of all stakeholders. We are deeply indebted to both Leslie and Bob for their integrity, discipline, and commitment to excellence that they brought to their service to the FASB and the GASB.”

The AICPA also praised both the retiring chairmen.  “The Institute wishes Leslie well upon her retirement as chair of FASB,” said president and CEO Barry C. Melancon. “We are grateful for her contributions on behalf of the financial reporting community and users of financial statements. During her tenure as FASB chair, board member and staffer Leslie excelled as a true leader. She clearly demonstrated a commitment to her role, while engaging in a constructive dialogue with all stakeholders. We look forward to working with Leslie in the future.”

“Bob Attmore has been a steady hand at GASB’s helm with numerous successes in his nine years as chairman,” Melancon said in a separate statement. “He did a great deal to bring more transparency to the financial reporting of state and local governments, particularly in the realm of pension obligations and their effect on the finances of governmental employers. In addition, during Bob’s tenure the board took on numerous projects to develop standards for new or evolving transactions and to update several longstanding GASB statements.  His drive for improvement and care for the public interest will be sorely missed. We wish him the best of luck in retirement.”