Edward W. Trott, a member of the Financial Accounting Standards Board, said that he would step down from that position in June 2007, after eight years on the board of the standard-setter.Trott had accepted a second five-year term in July 2004, but at that time had advised the trustees of the Financial Accounting Foundation - the body responsible for the oversight, administration and finances of both FASB and its counterpart for state and local government, the Governmental Accounting Standards Board - that in 2006 he would re-evaluate his ability to complete that term. The foundation is also responsible for selecting the members of both the FASB and GASB boards. FASB's board is currently comprised of seven members.
During his tenure, Trott has been involved with a number of FASB standards projects, including Statement 109, Accounting for Income Taxes; SFAS 156, Accounting for Servicing Financial Assets; and Statement of Financial Accounting Standards No. 155, Accounting for Certain Hybrid Instruments.
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