The Financial Accounting Foundation announced that Charles H. Noski, vice chairman of Bank of America, was appointed chairman of the Financial Accounting Standards Advisory Council (FASAC) for a one-year term beginning January 1, 2012.

The Council advises the Financial Accounting Standards Board (FASB), the private-sector organization responsible for setting accounting standards for U.S. companies, on technical issues related to the Board’s agenda, project priorities, and other issues.

Noski will succeed Dennis H. Chookaszian, former chairman and chief executive officer of CNA Insurance companies, whose term as FASAC chairman concludes on December 31.

Prior to his appointment as vice chairman, Noski was executive vice president and chief financial officer of Bank of America. Previously, he served as chief financial officer of Northrop Grumman Corporation and as a senior advisor to The Blackstone Group, one of the world’s leading private equity firms. Earlier in his career, Noski was chief financial officer and, later, vice chairman of the board of directors of AT&T Corporation; and chief financial officer and, later, president and chief operating officer of Hughes Electronics Corporation.

Noski’s appointment was announced by John J. Brennan, chairman of the Board of Trustees of the Financial Accounting Foundation (FAF). The FAF is responsible for the oversight, administration, and financing of the FASB and its counterpart for state and local governments, the Governmental Accounting Standards Board (GASB).

“With his breadth of experience in corporate finance across a range of industries, Chuck Noski will bring to the FASAC a deep understanding of the complex issues facing the FASB as it seeks to serve the best interests of all those who use, prepare, and audit financial statements,” Brennan said. “We are very pleased to welcome him as the new FASAC chairman.”

Leslie F. Seidman, chairman of the FASB, said: “On behalf of the Board members and staff of the FASB, we thank Dennis for the enthusiasm and dedication he brought to chairing FASAC over the past five years. Dennis encouraged FASAC, through effective meetings and other communications, to provide the Board with timely insights, advice, and support, and we are very grateful. We look forward to working with Chuck in this important advisory role.”