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.
Prior to serving as a FASB member, Trott was a partner and head of KPMG LLP's Accounting Group in the firm's national office. He has also served as a member of FASB's Emerging Issues Task Force and Financial Accounting Standards Advisory Council, as well as on the Financial Reporting Committee of the Institute of Management Accountants, and the American Institute of CPAs' Accounting Standards Executive Committee.
In a statement, FAF board chairman Robert Denham said, "Ed Trott's numerous contributions to FASB and our country's financial reporting system have been invaluable. One of the most respected accountants in the world, Ed has [played] and continues to play a significant role in FASB's ability to develop standards that provide clearer, more comparable and more relevant information to investors and other users of financial statements."
Robert J. DeSantis, president and chief operating officer of the FAF, said that the trustees have already begun the search for Trott's replacement, and expect to announce his successor before he officially departs the position on June 30, 2007.
