NORWALK, Conn., Dec. 21, 2005 (PRIMEZONE) -- Robert J. DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation (FAF) today announced the appointment of Timothy P. Flynn, Chairman and Chief Executive Officer of KPMG LLP, the U.S. audit, tax and, advisory firm, to the FAF Board of Trustees.
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.
KPMG LLP is the U.S. member firm of KPMG International, the coordinating entity for a global network of professional services firms, providing audit, tax, and advisory services, with an industry focus. KPMG International's member firms have nearly 100,000 professionals, including 6,800 partners, in 148 countries.
"We are delighted with the appointment of Tim Flynn as a Trustee of the FAF," said Robert E. Denham, Chairman of the FAF Board of Trustees. "Tim's distinguished background in the accounting industry, and as leader of a firm that is dedicated to professional excellence, will serve the Foundation well in our responsibility to oversee the FASB and GASB in their missions to objectively establish and improve accounting standards."
Mr. Flynn was elected Chairman and Chief Executive of KPMG LLP in June 2005. He previously served as Vice Chair, Audit & Risk Advisory Services for KPMG LLP, and had operating responsibility for the firm's audit practice, as well as its risk advisory services and financial advisory services practices.
A 26-year veteran of KPMG, Mr. Flynn was elected partner in 1988. He has also served as Head of Human Resources and as Global Managing Partner-Audit for KPMG International. In that role, he chaired the firm's Global Audit Steering Group, and served as a member of the international executive team of KPMG International.
He is a member of the Carnegie Hall Board of Trustees and serves on Boards of Directors of the New York YMCA and the Partnership for New York City. He is also a member of the Business Roundtable.
Mr. Flynn is a certified public accountant, and holds a bachelors degree in accounting.
"The FAF is very pleased that Tim Flynn has joined its Board of Trustees," said Mr. DeSantis. "Tim's appointment reflects the FAF's ability to attract the leadership necessary to carry out its responsibility to serve the capital markets and the public interest."
Mr. Flynn was nominated to the FAF Board of Trustees by the American Institute of Certified Public Accountants (AICPA), one of eight organizations that nominate Trustee candidates to the FAF. Other nominating organizations include: The American Accounting Association (AAA), CFA Institute, Financial Executives International (FEI), Government Finance Officers Association (GFOA), Institute of Management Accountants, (IMA), National Association of State Auditors, Comptrollers and Treasurers (NASACT) and the Securities Industry Association (SIA). The FAF Board of Trustees is comprised of eight members nominated by these organizations and eight "at large" Trustees. The FAF Board of Trustees approves the appointments of all Trustees.
Other FAF Trustees include:
Robert E. Denham, Chairman, FAF, Senior Partner Munger, Tolles & Olson LLP Frank C. Minter, Retired Vice President and Chief Financial Officer AT&T International Douglas R. Ellsworth, Director of Finance Village of Schaumburg, Illinois W. Steve Albrecht Associate Dean of the Marriott School of Management and Professor BYU Philip D. Ameen, VP and Comptroller General Electric Rick Anderson, Chairman Moss Adams LLP Barbara H. Franklin, President and Chief Executive Officer Barbara Franklin Enterprises William H. Hansell, Executive Director Emeritus International City/County Management Association Richard D. Johnson, Former Auditor of State, Iowa Edward W. Kelley, Jr., Former Governor Federal Reserve System Duncan M. McFarland, Former Chairman and Chief Executive Officer Wellington Management Company Lee N. Price, President and Chief Executive Officer Price Performance Measurement Systems, Inc. James H. Quigley, Chief Executive Officer Deloitte & Touche USA LLP Ned V. Regan, University Professor The City University of New York Paul C. Wirth, Global Controller Morgan Stanley
About the Financial Accounting Foundation
The Financial Accounting Foundation is responsible for overseeing, administering, and funding the FASB and the GASB and selecting its members. For more information on the organizations it oversees, visit the Foundation's websites at www.fasb.org and www.gasb.org.