Edward W. Trott, a member of the Financial Accounting Standards Board since 1999, will step down from his position in June 2007.
Trott accepted his second five-year term in July 2004, but had advised the Financial Accounting Foundation trustees that he would reevaluate his ability to complete that term in 2006.
The FAF is responsible for the oversight, administration and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The Foundation is also responsible for selecting the members of both boards.
"Ed Trott's numerous contributions to FASB and our country's financial reporting system have been invaluable," said chairman of the FAF Board Robert H. Denham, in a statement. "One of the most respected accountants in the world, Ed has and continues to play a significant role in the FASB's ability to develop standards that provide clearer, more comparable and more relevant information to investors and other users of financial statements."
Prior to serving as a FASB member, Trott was a partner and head of KPMG's Accounting Group in the firm's national office.
President and chief operating officer of the FAF Robert J. DeSantis said that the trustees have already begun the search for Trott's replacement, and expect to announce his successor before he departs the position on June 30, 2007.
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