Robert Herz Wins Berkeley Award at Conference on Financial Reporting (2010)
Robert H. Herz, former Chairman of the Financial Accounting Standards Board (FASB) was awarded the 2010 Berkeley Award for Distinguished Contributions to Financial Reporting at the Haas School's 21st Annual Conference on Financial Reporting on October 29, 2010. This award was established at the Haas School of Business in 2004 with the objective of recognizing an individual in financial reporting who has demonstrated courage, leadership, stewardship, or other meritorious performance in the interest of providing financial information useful to investors in making investment decisions.
In presenting the award, the Haas School recognized Herz's body of work in the financial reporting field, and particularly his leadership of the FASB during arguably the most challenging era for financial standard setting in terms of complexity and controversy. Herz was at the forefront of explaining and defending the role of financial reporting in the recent financial crisis. Further, he drove an aggressive standard setting agenda that attempted to both improve the transparency of financial reporting and converge US accounting standards with International Financial Reporting Standards. "Bob Herz is commended for his leadership across all facets of the accounting profession, most notably standard setting, public accounting, and accounting education," notes CFRM Executive Director Maria Nondorf.
Herz was Chairman of the Financial Accounting Standards Board (FASB), from July 2002 through September 2010. Previously, he was a senior partner with PricewaterhouseCooper serving as the firm's North America Theater Leader of Professional, Technical, Risk & Quality and a member of the firm's Global and U.S. Boards. He was also President of the PricewaterhouseCoopers Foundation which supports college and university activities. He also served as a part-time member of the International Accounting Standards Board. Herz is both a U.S. Certified Public Accountant and a U.K. Chartered Accountant and a gold medal winner on the uniform CPA examination. Herz joined Price Waterhouse in 1974 upon graduating from the University of Manchester in England with a B.A. first class honors degree in economics, graduating top of his class. He later joined Coopers & Lybrand becoming its senior technical partner in 1996 and assumed a similar position with the merged firm of PricewaterhouseCoopers in 1998.
Additionally, Herz has authored numerous publications on a variety of accounting, auditing and business subjects, including the book, The Value Reporting Revolution: Moving Beyond the Earnings Game, which he co-authored. Among Herz's other activities, he chaired the AICPA SEC Regulations Committee and the Transnational Auditors Committee of the International Federation of Accountants, and served as a member of the Emerging Issues Task Force, the FASB Financial Instruments Task Force, the American Accounting Association's Financial Accounting Standards Committee, the SEC Practice Section Executive Committee of the AICPA, and the International Capital Markets Committee of the New York Stock Exchange. He has also served on various public policy commissions and governmental advisory groups.