A FASB member since 1999, he is currently serving his second five-year term on the board. Upon accepting reappointment in July 2004, Trott had advised the Financial Accounting Foundation, which oversees FASB, that he would reevaluate his ability to complete that term in 2006.

"Ed Trott's numerous contributions to the FASB and our country's financial reporting system have been invaluable," said Robert H. Denham, chairman of the FAF board of trustees. "One of the most respected accountants in the world, Ed has and continues to play a significant role in the FASB's ability to develop standards that provide clearer, more comparable and more relevant information to investors and other users of financial statements."

Prior to serving as a FASB member, Trott was a partner and head of KPMG LLP's accounting group in that firm's national office. He has also served as a member of FASB's Emerging Issues Task Force (EITF) and Financial Accounting Standards Advisory Council (FASAC), as well as on the Financial Reporting Committee of the Institute of Management Accountants and the American Institute of CPAs' Accounting Standards Executive Committee (AcSEC).

"As a FASB member and, prior to that, as a longtime member of EITF and FASAC, Ed Trott has served our financial reporting system with great intellect, passion and dedication," said Robert Herz, FASB Chairman. "His contributions have been invaluable in helping better meet the financial reporting needs of investors and the capital markets."

The FAF trustees have commenced a search for Trott's replacement, and expect to announce his successor before his departure on June 30, 2007.