The Financial Accounting Foundation’s board of trustees has appointed four new members to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.

The FASAC is responsible for advising the Financial Accounting Standards Board on strategic issues, project priorities and other matters that affect accounting standards setting, while the GASAC is responsible for advising the Governmental Accounting Standards Board on technical issues, project priorities, and other matters that affect standards setting for accounting and financial reporting by state and local governments.  Both FASB and GASB are overseen by the Financial Accounting Foundation.

FASAC members will serve a one-year term beginning Jan. 1, 2013, and are eligible to be reappointed for three additional one-year terms. GASAC members will serve two-year terms beginning Jan. 1, 2013, and they can also be re-appointed.

Members of the FASAC are chosen from a cross-section of FASB’s stakeholders, including users, preparers, practitioners, associations, academics and other parties interested in the integrity of full and complete financial reporting and disclosure.

The new FASAC members are:

User (Investor) Community

• Dianne H. Russell, senior vice president and regional managing director, Comerica Bank
• Ron Temple, managing director and portfolio manager/analyst, Lazard Asset Management LLC

Preparer (Corporate) Community
• Michael G. Homan, vice president, finance & accounting–corporate accounting, The Procter & Gamble Company
• Catherine E. Mickle, CFO, American Cancer Society

In addition to naming the new appointees, the FAF renewed the terms of 30 current FASAC members for an additional year. Four FASAC members–William Clark, George Muñoz, Larry Probus, and Shannon Warren–will complete their service at the end of December 2012. The FAF expects to announce one additional appointment before the end of the year.

Members of the GASAC are chosen from a cross-section of the GASB’s state and local government constituencies, including users, preparers, and auditors of financial information. GASAC members are selected on the basis of their professional expertise and the depth and variety of experience they bring to their work on the Council.

The new GASAC members are:

• James Lanzarotta, partner and national practice leader, Government Services Group, Moss Adams, LLP, representing the American Institute of CPAs
• Robert M. Reardon, senior investment officer, State Farm Insurance, representing insurance industry investors
• Gilbert L. Southwell, vice president and senior municipal analyst, Wells Capital Management, representing the National Federation of Municipal Analysts
• Ronald C. Green, controller, City of Houston, Texas, representing the National League of Cities
• Tasha N. Repp, partner, Tribal Services Group, Moss Adams LLP, representing the Native American Finance Officers Association
• Perry E. James, CFO, City of Raleigh, North Carolina, representing the U.S. Conference of Mayors.

In addition to the new appointees, the FAF reappointed 10 current members of the GASAC to two-year terms. Four GASAC members–Terrill Menzel, Michael Zaroogian, Randy Riggs, and Ryan Claw–will complete their service at the end of December 2012.