Media Advisory 03/18/20

Financial Accounting Foundation Seeks Nominations for Board of Trustees and Private Company Council


Norwalk, CT—March 18, 2020—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it is seeking nominations for new members to join the FAF Board of Trustees and the Private Company Council (PCC) that advises the Financial Accounting Standards Board (FASB).
 
The FAF Board of Trustees Appointments Committee recruits candidates with diverse backgrounds and experience to ensure a balance of perspectives across the entire organization. Below are brief profiles for the available positions.
 
All nominations must be received by the close of business on April 30, 2020. Interested candidates in the FAF Board of Trustees position can find a full job description and apply online, candidates interested in the PCC position can find instructions on how to apply and a full job description on the organization’s website.
 
FAF Board of Trustees

The FAF Board of Trustees oversees and supports the FASB and the Governmental Accounting Standards Board (GASB) as they carry out their missions. Diverse experience, backgrounds, and perspectives are important to overseeing and promoting the independent standard-setting process.

Ideal FAF Trustee candidates:
  • Strongly appreciate the importance to the markets, the investment community, and the public at large of independent standard setting for financial accounting and reporting
  • Possess an understanding of the U.S. and global financial and capital markets
  • Are highly regarded in their professions. 
In order to support the diversity of perspectives required across the Board of Trustees, the Appointments Committee specifically seeks nominees who meet the following criteria:
  • A senior executive, such as a chief executive officer, chief financial officer, or similar role for a large or intermediate-size public or private company or a large, complex not-for-profit organization, such as a university or a hospital
  • A senior leader with high-level experience in a financial regulatory role or in the executive or legislative branch of the federal government
  • A chief investment officer, research director, or similar role for an institutional investment firm, pension or endowment fund, brokerage firm, or similar background, including investors who utilize quantitative or fundamental approaches to making investment decisions
  • A senior partner of a non-Big-4 international or domestic accounting firm. 
A complete list of the Board of Trustee members can be found on the FAF website.

Private Company Council

The FAF Board of Trustees also seeks nominations for new members of the Private Company Council (PCC). The PCC advises the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s agenda. The PCC also advises the FASB on possible alternatives within Generally Accepted Accounting Principles (GAAP) to address the needs of users of private company financial statements.

Ideal PCC member candidates possess a:
  • Background and high-level experience in private company financial accounting and reporting
  • History of interest and participation in financial reporting matters or standard setting activities
  • Current technical understanding of financial accounting and reporting.
The Appointments Committee is seeking individuals for the PCC with backgrounds and experience as follows:
  • Users of private company financial statements, including bank lenders, equity investors, and/or sureties
  • Preparers of private company financial statements from a variety of industries and companies of various sizes
  • CPA practitioners from national, regional, and local firms.

Nominations are due by April 30, 2020. For more information on the FAF’s recruitment process, visit the FAF website.