Thomas J. Linsmeier, the chairman of the accounting department at Michigan State University, was named a member of the Financial Accounting Standards Board this week.
His term will begin July 1.
Linsmeier succeeds Katherine Schipper, who chose not to seek a second five-year term. Her seat on the seven-member board has traditionally been reserved for an academic.
"I am confident that Tom's knowledge and experience will help advance the board's mission to establish and improve financial accounting and reporting standards that enhance investor confidence and the efficiency of capital markets," said Financial Accounting Foundation chairman Robert E. Denham, in a statement.
Linsmeier is an award-winning teacher and researcher, with expertise in financial reporting for derivatives and risk management activities.
He began his academic accounting career in 1985 at the University of Iowa and became an academic fellow in the Office of the Chief Accountant of the Securities and Exchange Commission in 1994. Linsmeier also served as a special consultant to the SEC with responsibility for formulating disclosure rules. Linsmeier has been a member of the accounting faculty at Michigan State University since 1999.According to published reports, Linsmeier said that he hopes to work on revising accounting rules for lease accounting. Both FASB and the International Accounting Standards Board have instructed their staffs to begin looking at possible changes to the rules, and the subject will likely be added to the agendas of both boards in June.
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