News Release 11/16/21
FAF Trustees Reappoint Marsha L. Hunt to the Financial Accounting Standards Board (FASB)
Norwalk, CT—November 16, 2021—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reappointment of Marsha L. Hunt to the Financial Accounting Standards Board (FASB). Originally appointed to her first five-year term on July 1, 2017, her second term will be effective July 1, 2022, and conclude in 2027.
Before her appointment to the FASB, Ms. Hunt served on the Financial Accounting Standards Advisory Council (FASAC) from 2014-2016. To this role she brought the important perspective of a financial statements preparer and broad knowledge of financial accounting and reporting issues facing large public companies.
“I am pleased that Marsha will be serving another term on the FASB,” said FAF Chair Kathleen L. Casey. “Her commitment to high-quality, decision-useful standards and her insight and experience as a preparer of financial statements has made her an important contributor on the Board.”
Ms. Hunt previously served as vice president and corporate controller for Cummins Inc. where she was responsible for external reporting, consolidation, finance systems, accounting policy, insurance risk management, and Sarbanes-Oxley compliance. She also served as a trustee of the Cummins UK pension schemes and as a board member of the company’s largest US-based joint venture.
“Marsha Hunt brings to the Board keen insights, the ability to view issues from a variety of perspectives, and a strong commitment to develop standards that provide investors and other financial statement users with better information,” stated FASB Chair Richard R. Jones. “She is a vital contributor to our Board discussions, and I am pleased she has agreed to serve a second term on the FASB.”
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
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.