Statement by AICPA President and CEO Barry Melancon on Robert Herz, FASB Chairman

NEW YORK, Aug. 24 /PRNewswire-USNewswire/ -- The following is a statement by Barry C. Melancon, president and CEO of the American Institute of Certified Public Accountants, on Robert Herz, chairman of the Financial Accounting Standards Board, who has announced his retirement.

"Bob Herz played an important role in the development of accounting standards during a critical time. As FASB chairman, he pushed for more disclosure and better reporting on behalf of investors. The entire profession is grateful for his service. His intellect and humor will be missed. We look forward to working with Acting Chairman Leslie Seidman and three new members to be named to the board as they grapple with converging U.S. and international standards. Now more than ever, it is imperative that the Financial Accounting Foundation, working with the blue ribbon panel, find an innovative solution to the problem of addressing the need for private company standard setting in the United States. Private companies represent 50 percent of the U.S. economy and deserve standards reflective of their unique user needs."

About the AICPA

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with more than 360,000 CPA members worldwide in business and industry, public practice, government, education, student affiliates and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The AICPA maintains offices in New York, Washington, D.C., Durham, N.C., Ewing, N.J. and Lewisville, Tex.

Media representatives are invited to visit the AICPA Online Media Center at www.aicpa.org/press.

SOURCE American Institute of Certified Public Accountants

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