The Financial Accounting Standards Board (FASB) has awarded for the first time a prestigious postgraduate internship to a University of Notre Dame student.p. Michael Murphy, who was graduated from the University in January with a bachelors degree in accountancy, received the one-year appointment based upon his academic excellence in accounting theory and practice. He compiled a 3.99 grade point average at Notre Dame and was nominated for the internship by faculty in the Mendoza College of Business.p. Created in 1973, the FASB has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants.p. Participants in the FASB internship program serve for one year as technical assistants, analyzing written material, reviewing published research, preparing memorandums on technical issues, drafting documents, and evaluating proposals. They also occasionally take part in public meetings associated with their projects.p. Universities may nominate only one student for the internship, and those who are selected receive a salary competitive with public accounting and private industry.p. After earning his bachelor’s degree, Murphy, from Casper, Wyo., began work in the spring semester on a graduate degree in Notre Dame’s Master of Science in Accountancy Program. He is scheduled to complete the program in December, after which he will begin his FASB internship.p.