News Release 11/16/21

FAF Trustees Reappoint Michael Morrow as FASAC Chair


Norwalk, CT—November 16, 2021—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reappointment of Michael M. Morrow to a second two-year term as chair of the Financial Accounting Standards Advisory Council (FASAC), effective January 1, 2022.
 
The FASAC advises the Financial Accounting Standards Board (FASB) on strategic and technical issues, project priorities, and other matters that affect standard setting. The FASAC provides the FASB with diverse perspectives from individuals with varied business and professional backgrounds.
 
Mr. Morrow joined the FASAC in January 2019 and received his original appointment as chair in 2020. He will be eligible for an additional term in 2024.
 
Currently, Mr. Morrow serves as the Audit Committee Chairman of Cabot Corporation, a Fortune 100 global chemical company, where he has served on the Board of Directors since 2017.  A certified public accountant, he worked for PwC for nearly 40 years and held numerous leadership and governance positions within the firm. He advised a wide range of clients, including many Fortune 100 companies across several sectors, as well as private companies and nonprofit organizations.
 
Mr. Morrow attended the Tuck Executive Residence Program at Dartmouth College in 1990 and holds an accounting degree from the University of Rhode Island.
 
“We are pleased that Mike has accepted the reappointment as FASAC chair,” said FAF Chair Kathleen L. Casey. “His experience spans a broad spectrum of industries, having advised companies involved with manufacturing, technology, financial services, and consumer products. Mike has proven to be an effective advisor as the FASAC fulfills its mission to bring diverse perspectives and insights to the standard-setting process.”
 
For a full listing of current FASAC members, visit the FASAC webpage.


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.