News Release 04/18/19
FAF Trustees Appoint Susan M. Cosper
to Financial Accounting Standards Board
Norwalk, CT—April 18, 2019—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Susan M. Cosper to the Financial Accounting Standards Board (FASB). Ms. Cosper currently serves as the FASB’s technical director and chair of the Emerging Issues Task Force (EITF). Her term is effective May 1, 2019, and her appointment runs through June 30, 2024.
“On behalf of the FAF Board of Trustees, I am very pleased that Sue will be joining the FASB as a member,” said Charles H. Noski, chairman of the FAF Board of Trustees. “As a true collaborator, Sue has built an extensive network among the FASB’s various stakeholder groups. She has a strong reputation among these constituents as a strategic thinker and good listener in the pursuit of better accounting standards.”
“Sue Cosper is an outstanding choice for the FASB and will make significant contributions to the Board during her tenure,” said Russell G. Golden, FASB chairman. “Sue has been at the vanguard of the FASB’s culture change to better incorporate private company and not-for-profit perspectives throughout the standard-setting process.”
Golden added: “As the FASB’s technical director since 2011, she has been intimately involved in every major Board activity and has served as a mentor to the FASB staff. Sue’s deep knowledge of our standard-setting process and her consideration of various stakeholder perspectives are great assets for the Board.”
Prior to joining the FASB Ms. Cosper served as a partner with PricewaterhouseCoopers LLP (PwC), most recently based in PwC’s Financial Instruments, Structured Products, and Real Estate Group in New York City. She worked before that at PwC offices in Florham Park, NJ (National Office), Pittsburgh, PA and London, UK. She earned her B.S. in accounting from Indiana University of Pennsylvania and is a certified public accountant in New York, New Jersey, and Pennsylvania.
Ms. Cosper will succeed Harold L. Monk, Jr., who resigned from the FASB in 2018.
Golden added that Ms. Cosper will serve as the official FASB liaison to the Private Company Council, succeeding FASB member Marsha Hunt in that role.
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.