FASB Chair Robert Herz is taking early retirement as of Oct. 1, 2010. FASB Board Member Leslie Seidman will fill the role of Acting Chair until a replacement board member and a chair among those board members is chosen. Herz’ term was originally to last until June 30, 2012.

Herz has distinguished himself in many ways during his tough tenure, dominated by fair value issues.   He’s made himself available to the business valuation profession, speaking at many of our meetings and showing a solid understanding of valuation practices in his many statements–for that alone he deserves a round of applause.

FASB will continue to gather feedback on its Exposure Draft on financial instrument accounting until September 7.  A series of public roundtables to discuss the issue is also scheduled, Neal McGarity (FASB) told Market International News last week.