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FASB Chair Herz to retire
WASHINGTON (8/26/10)—Financial Accounting Standards Board (FASB) Chairman Robert Herz will retire, effective Oct. 1, the board announced on Wednesday. Current FASB member Leslie Seidman will take on the role of acting chairman following Herz’s retirement. In a release, Herz said that his eight years as chairman of the FASB “have been among the most professionally challenging and personally satisfying” of his career. Herz has overseen the progress of several issues during his tenure, including the protracted, and still ongoing, process of converging international and U.S. accounting standards. The Credit Union National Association (CUNA) has worked with its accounting subcommittee to identify key problems and frame its message to FASB regarding pending changes to FASB's Generally Accepted Accounting Principles (GAAP). The proposed changes, as set forth in a FASB exposure draft released in May, would modify GAAP by requiring most financial instruments to be measured at fair value. The changes would require loan loss reserves to be measured on a forward-looking "expected loss" basis, which differs from the historical "incurred loss" approach that is currently used. FASB has informally stated that it would like to have a final rule in place by next summer. Credit unions over $10 million in assets are required to comply with GAAP, and CUNA is working with the National Credit Union Administration and other policymakers to ensure credit union concerns are presented to and considered by FASB. CUNA will also meet with FASB and file a formal comment letter in the near future, and CUNA welcomes input from member credit unions.


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