Request for Nominations to the
Financial Accounting Standards Advisory Council (FASAC)

August 2017

Every year, at this time, we begin the process of soliciting nominations for candidates to serve on the Financial Accounting Standards Advisory Council (“FASAC”) effective next January 1. We are asking for your help in identifying outstanding candidates. Council members are appointed by the Trustees of the Financial Accounting Foundation and are eligible to serve four one-year terms.

We are requesting nominations for candidates to succeed those who will complete their final year of FASAC service at the end of 2017. We are seeking nominations in the following areas:
  • From the public or private corporate (preparer) community. To help broaden the diversity of the Council, candidates from the financial services, retail, manufacturing, transportation, healthcare, agriculture, or service sector are encouraged. We also would like to increase the number of chief financial officers on the Council.
  • From the user/investor community (those who use financial information to make investment, lending, or rating decisions). Candidates could have skills as a buy-side investor, a debt or equity analyst, a hedge fund or private equity investor, or an investment banker. Candidates may reside with a public or private company.
  • From the not-for-profit community. Candidates could have skills as a preparer/CFO of a not-for-profit organization or have skills as a user of not-for-profit financial statements, such as a major grant maker or giver.
  • From the academic community. A senior member of the academic community.
  • Other qualified candidates that have special attributes or would further diversify the perspectives included within FASAC. Some examples might include technology or fintech innovators, innovators in financial reporting, investors that primarily rely on digital financial data to make investment decisions, or investors that have a governance focus.
We also are seeking a candidate who is a senior partner in a large international accounting firm. Under our past practice of rotating among the large firms, this slot is expected to be filled with a nomination by one of the Big 4 firms.

Structure of the Organization

FASAC is an operating arm of the Financial Accounting Foundation, an organization that is independent of any other business or professional organization. The Foundation is run by a Board of Trustees who are leaders in the business, accounting, financial, government, and academic communities.

The Foundation selects the members of FASAC, including the chairman, and broadly oversees its operations. The Council comprises approximately 35 members who represent a broad cross section of the Board’s constituency. They are appointed for a one-year term and are eligible to be reappointed for three additional one-year terms.

The Process

The Council meets once a quarter at the FASB’s offices in Norwalk, Connecticut. Like the FASB, FASAC is committed to following an open, orderly process that is open to public observation. In addition to the Council members, the members of the FASB, its technical director several members of the FASB’s staff, and representatives from the SEC and PCAOB attend each meeting.

An application needs to be completed for each candidate for FASAC membership. (Individuals are permitted to nominate themselves. Self-nominees are requested to also provide a reference.) A resume (or biographical profile) needs to be included (uploaded) in the application.

All applications should be submitted no later than Wednesday, September 13, 2017.

If you have any questions, please contact Alicia Posta, FASB Assistant Director, at (203) 956-5207 (aaposta@fasb.org).

Sincerely,

Andy McMaster, Chairman