The mission of the FASB is to establish and improve standards of financial accounting
and reporting that foster financial reporting by nongovernmental entities that provides
decision-useful information to investors and other users of financial reports. That mission
is accomplished through a comprehensive and independent process that encourages broad
participation, objectively considers all stakeholder views, and is subject to oversight by
the Financial Accounting Foundation’s Board of Trustees.
Robert H. Herz
was appointed chairman of the Financial Accounting Standards Board
(FASB), effective July 1, 2002, and was reappointed to a second term effective July 1,
2007. Previously, he was a senior partner with PricewaterhouseCoopers.
Before joining the FASB, Mr. Herz was PricewaterhouseCoopers' North America Theater
Leader of Professional, Technical, Risk & Quality and a member of the firm’s Global and
U.S. Boards. He also served as a part-time member of the International Accounting
Standards Board (IASB). Mr. Herz is both a certified public accountant and a chartered
Mr. Herz joined Price Waterhouse in 1974 upon graduating from the University of
Manchester in England with a B.A. degree in economics. He later joined Coopers &
Lybrand becoming its senior technical partner in 1996 and assumed a similar position
with the merged firm of PricewaterhouseCoopers in 1998.
During his distinguished career, Mr. Herz has authored numerous publications on a
variety of accounting, auditing, and business subjects. Included among those
contributions is the recent book,
The Value Reporting Revolution: Moving Beyond the
Earnings Game, w
hich he co-authored.
Over the course of his career, Mr. Herz gained significant investment experience, having
held positions involving fiduciary and investment management responsibilities for
significant pension plans, endowment funds, and other types of pooled investments.
Among Mr. Herz’s other activities, he chaired the AICPA SEC Regulations Committee
and the Transnational Auditors Committee of the International Federation of
Accountants, and served as a member of the Emerging Issues Task Force (EITF), the
FASB Financial Instruments Task Force, the American Accounting Association’s
Financial Accounting Standards Committee, the SEC Practice Section Executive
Committee of the AICPA, and the International Capital Markets Advisory Committee of
the New York Stock Exchange.
Thomas J. Linsmeier