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 QUIZ

How well do you know small business?

There are over 30 million small businesses in the U.S., and many of them are optimistic in their outlook. Are you familiar with the obstacles and opportunities they are facing? Test your small business acumen with this quiz sponsored by Chase Ink®.

SPONSORED REPORT

In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.