New Head For Accounting Standards

Herz will commence his new duties on June 30th.

The accounting body is coming under pressure in the wake of the Enron affair to change the rules that govern how companies account for debt. Herz is believed to be in favour of tighening the current rules.

Last month the FASB proposed stricter guidelines on how companies' can use special purpose vehicles and hopes to issue final new regulations by August.

Herz's work at PWC, where he oversees policy audit and risk management in North American, will certainly help him run the FASB.