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Ex-FASB chair named winner of ICAEW Outstanding Achievement Award

Bob Herz, FCA, former chairman of the US Financial Accounting Standards Board, has been awarded ICAEW’s Outstanding Achievement Award.

Bob Herz (left) receiving the prize from ICAEW President Paul Aplin.

April 2019

Herz received the award in recognition of his global leadership in seeking closer international harmonisation and improvements in accounting, financial reporting, and reporting of sustainability and other key non-financial performance information, helping businesses to present their performance with clarity for the benefit of the capital markets.

Herz has had an impressive career as a chartered accountant and is a member of the Accounting Hall of Fame. He was chairman of the Financial Accounting Standards Board (FASB) from 2002 to 2010, one of the original members of the International Accounting Standards Board (IASB) and also a partner with PwC for many years.

During his time at PwC, he served as audit partner on numerous major companies, as head of the firm’s corporate finance advisory services, as senior technical partner, as member of the firm’s US and global boards, and as president of the Coopers & Lybrand and PricewaterhouseCoopers foundations.

More recently, Herz has served on the boards of directors and various board committees of several companies, including Fannie Mae and Morgan Stanley, as well as the Sustainability Accounting Standards Board, the advisory boards of AccountAbility and the Manchester Business School.

Herz began his career as a chartered accountant at Price Waterhouse, joining in 1974 as an economics graduate from the University of Manchester. He later joined Coopers & Lybrand becoming its senior technical partner and remained in a similar role when the two firms merged.

He said: “Since becoming a chartered accountant 45 years ago, I have thoroughly enjoyed everything about the job and to have all my hard work acknowledged puts the cherry on top of a fantastic career.

“Accountancy has opened so many doors for me professionally and I have had so many amazing experiences.”

Former winners of the award include Sir Michael Peat, Sir Gerald Acher, Amir Dossal and Ruby McGregor-Smith.

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