• Sun. May 26th, 2024

Financial Accounting Foundation Seeks Nominations for the Financial Accounting Standards Advisory Council

The Board of Trustees of the Financial Accounting Foundation (FAF) is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2025. The FASAC is the primary advisory body to the Financial Accounting Standards Board (FASB).

The FASAC consists of approximately 35 members who represent a broad cross section of the FASB’s constituency. Its primary function is to advise the FASB on issues related to projects on the FASB’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the FASB chair.

FASAC members are appointed by the FAF Trustees for an initial one-year term and are eligible to be reappointed for three additional one-year terms. FASAC members are expected to attend four quarterly meetings in 2025, which are listed in the nomination form.

Ideal FASAC member candidates possess:

  • Experience with and knowledge about the issues involving financial accounting and reporting
  • Skills and experience that complement or augment those within the collective membership of FASAC, or other expertise of value to the FASB.

To ensure a balance of perspectives and backgrounds, the FASAC chair currently seeks candidates who possess experience in one or more of the following areas:

  • Investor community (those who use financial information to make capital allocation decisions). Candidates could have skills as a private equity investor, a senior equity or debt analyst, an accounting research analyst, a credit rating analyst, a hedge fund investor, or other experience.
  • Public or private corporate (preparer) community. We are particularly interested in adding a chief accounting or chief financial officer from a large private company to the Council.
  • Corporate governance community. Candidates with experience on an audit committee of corporate boards of Fortune 500 companies or other senior members of the governance community.

As part of our longer-term succession planning, we also are interested in continuing to identify candidates for future FASAC classes and we welcome your nominations for qualified successors who are investors, preparers, auditors and accounting services (outside the Big-4), academics, corporate or securities lawyers with a practice emphasis in financial reporting-related issues, or others.

Those interested in nominating a candidate for consideration should provide the candidate’s name, title, and (if available) resume or biography using the FASAC nomination form. Candidates who are not selected for the upcoming class may also be considered for future FASAC classes. The deadline to submit nominations is Friday, June 28, 2024.

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