NEWS RELEASE 01/24/07

James M. Williams Reappointed to the Governmental Accounting Standards Boards

Norwalk, CT, January 24, 2007—Robert J. DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation (FAF), today announced that the FAF Board of Trustees has reappointed James M. Williams to a second five-year term as a member of the Governmental Accounting Standards Board (GASB).

The FAF is responsible for the oversight, administration, and finances of the GASB and the Financial Accounting Standards Board (FASB) and selecting their members.

Mr. Williams was initially appointed to the GASB in 2002. He is a retired partner and former national director of public sector accounting services with Ernst & Young LLP. A certified public accountant, Mr. Williams also served as the American Institute of Certified Public Accountants (AICPA) representative on the Governmental Accounting Standards Advisory Council (GASAC).

Mr. Williams also has chaired the Association of Government Accountants’ Financial Management Standards Board and was a member of the AICPA Government Accounting and Auditing Committee and the Association of Government Accountants’ State and Local Government Committee.

"We are delighted with the reappointment of Jim Williams to the GASB," said Robert E. Denham, chairman of the Financial Accounting Foundation. "Jim’s tremendous background and expertise have been significant contributors to the Board as it tackles complex issues intended to improve financial reporting."

Mr. DeSantis noted that Mr. Williams’ new term will become effective July 1, 2007, and run through June 30, 2012.

About the Financial Accounting Foundation
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 Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.

About the Governmental Accounting Standards Board
The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website www.gasb.org.