The Financial Accounting Standards Board has named Lawrence W. Smith, currently chairman of the standard-setter’s Emerging Issues Task Force, as a member of the board.

Smith’s five-year term will be effective July 1. He succeeds Edward Trott, who will retire from FASB June 30 after seven and a half years with the board.

Prior to coming aboard FASB in 2002, Smith spent 25 years at Big Four firm KPMG, where he served as a partner in the firm’s department of professional practice.

Smith’s appointment is the first since the Securities and Exchange Commission and the board finalized procedures to guarantee the SEC more say in how FASB candidates are chosen.

Also a former KPMG partner and member of FASB's Emerging Issues Task Force, Trott announced last summer that he would cut short his second five-year term at FASB. FASB is made up of seven full-time members with different backgrounds: three from public accounting, two from corporate America, one from academia, and one financial analyst.

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