Financial Accounting Foundation president Teresa S. Polley has been named CEO of the organization, which oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board.

The foundation’s board of trustees approved the election of Polley as both president and CEO. She is the first person to hold the title of CEO in the 38-year history of the FAF, which is the independent, private-sector organization responsible for the oversight, administration, and finances of FASB, GASB, and their advisory councils.

“As president of the FAF, Terri Polley has demonstrated outstanding leadership of its mission to ensure the independence and integrity of the standard-setting process,” said FAF chairman John J. Brennan in a statement. “Her commitment, success and expertise in this area are unrivaled, and her appointment as CEO is very appropriate recognition of the positive impact she has had on our organization.”

Since being appointed president of the FAF in 2007, Polley has played a key role in positioning the foundation and its standard-setting boards to successfully meet the challenges of rapidly-changing economic and regulatory environments. This includes implementing initiatives to enhance the foundation’s outreach to investors and other key constituents, establishing partnerships with professional accounting organizations to address issues in private-company financial reporting, and working to achieve permanent funding for the GASB critical to its continued independence. Recently, Accounting Today named her as one of its “10 Worth Watching,” a designation honoring women in leadership roles in the accounting industry.

Polley brings more than 20 years of experience with FAF and FASB to her current role.  Prior to being appointed president, she served as executive director of advisory groups for FASB, acting as the primary liaison between the board and its constituent organizations that provide input into its decision-making processes. From 1990 to 1999, Polley served as controller of the FAF. She joined FASB in 1987 as a technical associate from Arthur Andersen and Company in its Stamford, Conn., office, where she was a senior accountant.

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