News Release 11/15/16

FAF TRUSTEES REAPPOINT RUSSELL G. GOLDEN
AS CHAIRMAN OF FINANCIAL ACCOUNTING STANDARDS BOARD


FAF Names Marsha L. Hunt and Harold L. Monk Jr. as Members of FASB

Norwalk, CT—November 15, 2016—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reappointment of Russell G. Golden as chairman of the Financial Accounting Standards Board (FASB). The Trustees also announced the appointments to the FASB of Marsha L. Hunt, vice president—corporate controller at Cummins Inc., and Harold L. Monk Jr., partner of Carr, Riggs & Ingram LLC.

Russell G. Golden began his term as the seventh chairman of the FASB in 2013. His first term as chairman extends to June 30, 2017, and his second and final term concludes on June 30, 2020. During his first term, Mr. Golden led the FASB in issuing major new accounting standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting.

Mr. Golden was initially appointed to the FASB in 2010, after serving as technical director of the FASB, where he oversaw staff work on standards-level projects, including both major projects and technical application and implementation activities. He also chaired the FASB’s Emerging Issues Task Force (EITF) from July 2007 until January 2011.

Prior to joining the FASB in 2004, he served as a partner with Deloitte & Touche LLP in the National Office Accounting Services department. Mr. Golden earned his bachelor’s degree from Washington State University and is a certified public accountant.

“On behalf of the FAF Board of Trustees, I am very pleased that Russ will continue to serve as FASB chairman,” said Charles H. Noski, chairman of the FAF Board of Trustees. “Over the past three years, Russ has done an exceptional job at the helm of the FASB, which has tackled significant accounting matters and finalized major standards in a number of key areas.

“We look forward to Russ’s continued leadership of the Board to develop standards that increase transparency and relevance of financial reporting information for the benefit of all financial statement users,” Noski added.

Mr. Golden said, “I am honored to continue to serve as chairman of the FASB alongside my distinguished colleagues. Together, we will continue to ensure that our standards provide investors and other financial statement users with the information they require to make good decisions.

“We also will proceed with enhancing our outreach to ensure that we’re meeting the needs of our diverse stakeholder groups,” Golden added.

Marsha L. Hunt serves as vice president and corporate controller at Cummins Inc., where she manages Sarbanes-Oxley Act compliance, external reporting, consolidation, finance systems, accounting policy, government contract compliance and accounting functions. She also is responsible for the insurance risk management function. Ms. Hunt currently serves on the Financial Accounting Standards Advisory Council.

Previously, Ms. Hunt served as assistant controller and director of accounting at Corning Incorporated, where she led all U.S. Securities and Exchange Commission and external reporting, audits, Sarbanes-Oxley Act compliance, and M&A accounting-related functions. She received a bachelor’s degree in business administration and accounting from Bucknell University and is a certified public accountant. Ms. Hunt is a member of Financial Executives International and has been active with its Committee on Corporate Reporting.

Ms. Hunt’s term will begin on July 1, 2017 and conclude on June 30, 2022, when she will be eligible for appointment to an additional term of five years. She will succeed Lawrence W. Smith, who joined the FASB in July 2007 and whose second and final term concludes on June 30, 2017.

Harold L. Monk Jr. is a partner with Carr, Riggs & Ingram, LLC, where he provides auditing and attestation, accounting, tax, forensic accounting, and M&A services to businesses of all sizes in various industries. Mr. Monk currently serves on the Private Company Council.

Previously, Mr. Monk helped form the firm of Davis, Monk & Company, which merged with Carr, Riggs & Ingram in 2010. Active within the American Institute of Certified Public Accountants (AICPA), he previously served as chairman of the AICPA’s Auditing Standards Board and as a member of its Board of Directors. He also served as chairman of the AICPA’s Private Companies Practice Section. Mr. Monk received a bachelor’s degree in accounting from the University of Florida and is a certified public accountant and certified fraud examiner.

Mr. Monk’s term will begin on January 1, 2017 and conclude on June 30, 2022, when he will be eligible for appointment to an additional term of five years. He will succeed Daryl E. Buck, who joined the FASB in February 2011 and will retire from the FASB on December 31, 2016. Mr. Monk also will succeed Mr. Buck in serving as FASB liaison to the Private Company Council.

“Marsha and Harold will bring unique experience and perspectives to the FASB’s deliberation of critical financial reporting issues—Marsha as the corporate controller of a publicly traded company, and Harold as an auditor of public and private companies,” said Mr. Noski. “On behalf of the Trustees, I look forward to their contributions to the FASB’s mission of establishing and improving financial accounting and reporting standards.”

“I’m pleased to welcome Marsha and Harold to the FASB,” added Mr. Golden. “Marsha has broad knowledge of financial accounting and reporting issues facing large public companies, and Harold has considerable experience in addressing accounting issues facing private companies across a variety of industries. Marsha and Harold will be great assets to the Board and its work.”


About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.

About the Financial Accounting Standards Board (FASB)

Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.