The Financial Accounting Foundation has finalized its appointment of two new members to the Financial Accounting Standards Board, increasing the size of the board from five to seven members.

The FAF appointed Daryl Buck, senior vice president and CFO of Reasor's Holding Company in Tahlequah, Okla., and Harold (Hal) Schroeder, a partner in Carlson Capital in Greenwich, Conn., to serve on the board. Buck's appointment is effective immediately while Schroeder will report for duty in late February. Both are slated to serve into 2015.

Buck has nearly two decades of private company experience in financial reporting, planning and analysis. He has served on FASB's Private Company Financial Reporting Committee and on the Blue Ribbon Panel on Standard Setting for Private Companies. Schroeder has spent the past 30 years as a senior equity analyst, a CFO and an audit partner with Ernst & Young. He has served as a member of the FASB's Emerging Issues Task Force.

FAF said in August it would restore the board to seven members after it eliminated two positions in 2008. FAF revealed its plans to expand the board at the same time Bob Herz said he would retire as chairman of the FASB. When FAF eliminated two positions in 2008, it was to make the board more nimble as it ramped up activity to converge U.S. accounting rules with international rules. In expanding the board back to seven positions, FAF said it wanted to “enhance the FASB's investment in the convergence agenda.”

Buck and Schroeder are joining the FASB is it sprints to complete some key accounting standards updates meant to bring U.S. rules into closer alignment with International Financial Reporting Standards. The FASB is deliberating feedback and preparing to finalize dramatic new approaches for financial instruments, leases, and revenue recognition, among others.  The board has put several other key projects on the back burner, in part to steer resources to meeting the June 2011 target date for completing those priority projects.