Jenkins announced in October his intention to retire June 30 upon completion of his five-year term. Herz's term will begin July 1.

Herz, 48, pictured here, has served as audit partner for major clients in the financial services, manufacturing and telecommunications industries for 28 years. He is currently PwCs' North America Theater Leader of Professional, Technical, Risk & Quality and a member of the firm's Global and U.S. Boards. He also serves as a part-time member of the International Accounting Standards Board.

Additionally, Herz has authored numerous publications on a variety of accounting, auditing and business subjects. including The Value Reporting Revolution: Moving Beyond the Earnings Game, which he co-authored.

"Bob is widely recognized in the U.S. and abroad for his strong technical background and grasp of complex accounting and financial reporting issues," said Manuel H. Johnson, Chairman of the Financial Accounting Foundation (FAF). "His experience will be a tremendous asset to the FASB as standard setting faces tougher challenges in a changing marketplace."

Herz will inherit the high-profile Enron controversy that has placed FASB in the uncomfortable position of defending its standard setting process, which has been criticized as being too slow to effect change, defending its history of succumbing to political pressure, and weighing the various accounting reform proposals made by Congress, investors, the accounting industry, the Securities and Exchange Commission and others. The House Commerce Committee is currently working on an overhaul of FASB.

The Financial Accounting Foundation, which oversees FASB, met in Washington earlier this week to consider changes to speed accounting reforms and discuss ways to improve its independence. FAF trustees decided against cutting the number of FASB from seven to five members. But they asked the foundation's staff to study and report on how to revamp the selection of  trustees and how the foundation raises money to pay for FASB's rulemaking activities. A

Click here to learn more about the standard setting process. 

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