Steven E. Buller , managing director and former chief financial officer of BlackRock, Inc. , has been appointed chairman of the Financial Accounting Standards Advisory Council (FASAC). His term began on February 1 , and concludes on December 31, 2015 . According to a release, the Council advises the Financial Accounting Standards Board (FASB), the private-sector organization responsible for setting accounting standards for U.S. companies, on technical issues related to the Board's agenda, project priorities, and other issues. Buller succeeds Charles H. Noski , retired vice chairman of Bank of America , whose term as FASAC chairman concluded on December 31, 2013 . Buller's appointment was announced by Jeffrey J. Diermeier , chairman of the Board of Trustees of the Financial Accounting Foundation (FAF). The FAF is responsible for the oversight, administration, and financing of the FASB and its counterpart for state and local governments, the Governmental Accounting Standards Board (GASB). "During his distinguished career, Steve Buller has had a wide range of oversight responsibilities related to areas including auditing, investing, corporate governance, and valuation," Diermeier said. "His diverse experience will be a tremendous asset to the FASAC in its mission to provide input to the FASB." Russell G. Golden , chairman of the FASB, added, "On behalf of the FASB, I'm pleased to welcome Steve to his new position as chairman of the FASAC. We look forward to the insights and expertise he will bring to the Council in its role to advise the FASB on issues of importance to our stakeholders." Buller will retire from BlackRock, Inc. in early February 2014 , after nine years with the firm. As chief financial officer from 2005 to 2007, he oversaw the $10 billion acquisition of Merrill Lynch Investment Managers. His other leadership positions within the firm included global director of corporate and investment company accounting policy and oversight of internal audit. He also was responsible for corporate tax and control groups, and served on the government relations committee overseeing relationships with the FASB, the Public Company Accounting Oversight Board (PCAOB), and the U.S. Securities and Exchange Commission . He currently is a member of the Standing Advisory Group of the PCAOB . Prior to joining BlackRock, Inc. , Buller was a senior partner at Ernst & Young, serving as its U.S. and global director of asset management services from 1988 to 2005. In this role, he was responsible for global audit assurance, tax and advisory teams that served mutual funds, hedge funds, private equity firms and funds, investment advisors, and advisory businesses. He also was the firm's liaison with the SEC Division of Investment Management , and the coordinating audit partner on initial public registrations for multiple companies. 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 Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. More information: fasb.org ((Comments on this story may be sent to firstname.lastname@example.org ))
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