The Financial Accounting Foundation (FAF) appointed its first CEO, Teresa S. (Terri) Polley, who will also continue in her role as president of the organization.


FAF is the independent, private-sector organization responsible for the oversight, administration, and finances of FASB, GASB, and their advisory councils.


Polley’s promotion to CEO of FAF is intended to better reflect the expanding responsibilities she has assumed since being appointed president in 2008, especially her role in increasing the foundation’s outreach to investors and other stakeholders in the standard-setting process, according to FAF. This includes the 2009 “listening tour,” during which Polley and other FAF members met with diverse groups of constituents around the country to hear their input on the standard- setting process. Under her leadership, FAF also secured a permanent funding source for GASB.


Prior to being appointed president, she was executive director of Advisory Groups for FASB, acting as the primary liaison between FASB and its constituent organizations that provide input into its decision-making processes. From 1990 to 1999, Polley was FAF’s controller. She joined FASB in 1987 as a technical associate from Arthur Andersen and Co., where she was a senior accountant.



  Göran Tidström of Sweden has been appointed president of the International Federation of Accountants (IFAC) for a two-year term ending in November 2012. He succeeds former AICPA Chair Robert Bunting as IFAC’s leader.


Tidström has more than 30 years of experience as a public accountant with PricewaterhouseCoopers in Stockholm, where he is a senior partner and former chair.


Warren Allen of New Zealand will serve as IFAC deputy president for a two-year term, and also takes the role of chair of the Planning and Finance Committee, which in conjunction with staff develops the strategic plan for IFAC. He is a resident of New Zealand and is a partner at Ernst & Young.


The IFAC Council also elected three new members to the IFAC Board: Ramon Casals Creus (Spain), Ana Maria Elorrieta (Brazil) and Robert R. Harris (United States). The council also re-elected four board members for a second term: Jelil Bouraoui (Tunisia), Robert Hodgkinson (United Kingdom), Japheth Katto (Uganda), and Olivia Faulkner Kirtley (United States). These additions and reappointments bring additional diversity and balance with respect to gender, geographical region, and professional experience.


In addition, five new associates were admitted to the organization: Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina; Croatian Audit Chamber; Institute of Certified Auditors of the Republic of Macedonia; Audit Chamber of Russia; and Institute of Certified Management Accountants of Sri Lanka. One existing associate was admitted to the organization as a member: Association of Accountants and Auditors of the Republic of Srpska.


More from the JofA:


 Find us on Facebook      Follow us on Twitter



Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.


How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.


News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.