Media Advisory 02/03/21

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


Norwalk, CT—February 3, 2021—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 March 19, 2021. Interested candidates can find a full job description and instructions on how to apply for the FAF Board of Trustees position or the PCC 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:
  • Are highly regarded within their profession, possessing an understanding of the U.S. and global financial and capital markets, and have a strong appreciation for the importance to the markets, the investment community, and the public at large of independent standard setting for financial accounting and reporting 
  • Are committed to the mission of the FAF, the FASB, and the GASB, demonstrating concern for the public interest, and have an appreciation for the varying interests and perspectives of investors and other users of financial information and the preparers and auditors of financial reports
  • Demonstrate experience as a corporate or not-for-profit board director or trustee including active governance and oversight responsibilities and committee membership 
In order to support the diversity of perspectives required across the Board of Trustees, the Appointments Committee specifically seeks nominees with background and experience in the following areas:
  • A chief executive officer or 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. Private markets experience is preferred. 
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 March 19, 2021. For more information on the FAF's recruitment process, visit the FAF website.


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 – 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.

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