Polley steps down as head of FAF

High-profile standards were completed during the CEO's tenure.

After leading the Financial Accounting Foundation (FAF) for 11 years, Terri Polley announced recently that she would step down.

Polley was named president of FAF in 2008 and added CEO to her title in 2010. FAF is the independent, private-sector, not-for-profit organization responsible for overseeing FASB, GASB, and their advisory councils.

During Polley's tenure, FASB engaged in a few high-profile standard-setting partnerships with the International Accounting Standards Board and issued important standards in particular on revenue recognition, lease accounting, and accounting for financial instruments.

Polley, who joined the organization in 1987 as a technical associate for FASB, has spent 32 years with FASB and FAF. She will remain at the organization until details of a leadership transition plan are finalized.

SPONSORED WHITE PAPER

Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.

RESOURCES

Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.