Request for Nominations for FASAC Chair CandidatesThe Financial Accounting Foundation currently is seeking candidates for the role of Chair of the Financial Accounting Standards Advisory Council (FASAC).
The Financial Accounting Standards Advisory CouncilThe Financial Accounting Standards Advisory Council (FASAC) was formed in 1973 concurrent with the establishment of the Financial Accounting Standards Board (FASB).
The Financial Accounting Foundation (FAF) Board of Trustees appoints the members of FASAC, including the chair, and broadly oversees its operations. The FASAC comprises approximately 35 members who are drawn from the ranks of CEOs, CFOs, senior partners of public accounting firms, executive directors of professional organizations, and senior members of the academic and analyst communities, all with an interest in the integrity of full and complete financial reporting and disclosure. FASAC members are appointed for a one-year term and are eligible to be reappointed for three additional one-year terms.
The primary function of FASAC is to advise the FASB on issues related to projects on the FASB’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the Chairman of the FASB. FASAC meetings provide the FASB with an opportunity to obtain and discuss the views of a very diverse group of individuals from varied business and professional backgrounds. FASAC’s role is not to reach a consensus or to vote on the issues that it considers at its meetings. Rather, FASAC operates as a window through which the FASB can obtain and discuss the representative views of the diverse groups the FASB affects. Thus, FASAC provides the forum for two-way communication. For this reason, it is important to convene the FASAC members as a group so that the Board can hear the individual views of those members and so that the members can hear and respond to each other’s views.
Candidate ProfileThe ideal candidate for FASAC Chair would be a current or recently retired senior officer of a public or private company who currently sits on one or more public or private company boards, preferably on the audit committee. The candidate should be a “financial expert” but does not necessarily have to be an accountant. The candidate should have an in-depth knowledge of the financial reporting process. The candidate’s stature must be sufficient to attract and retain highly qualified FASAC members.
This description includes the possibility that an excellent candidate may come from other backgrounds or have other experience, such as a senior leader in the auditing profession, a senior member of the investing or lending profession, a senior member of the accounting or finance academic community, or an individual with a background in accounting, securities, or financial regulation, as long as his or her experience profile is consistent with the position requirements.
The Role of FASAC ChairThe role and responsibilities of the FASAC Chair include the following:
- Consulting and collaborating with the FASB Chairman on the FASB’s needs in the planning of FASAC’s agenda and work, and establishing the FASAC’s agenda and work plans accordingly
- Presiding at FASAC meetings and guiding the discussion so that comments and views can be presented to the FASB effectively
- Ensuring that FASAC is prepared to discuss effectively and in a timely manner the issues on which it is consulted by the FASB
- Providing quarterly and annual reports on the activities of FASAC to the FAF Board of Trustees and the FASB
- Encouraging FASAC members to provide comments on proposed standards, as well as on broader policy questions and other matters referred to FASAC, and encouraging FASAC members to speak and write publicly on the work of the FASB and FASAC
- Organizing and appointing committees or other groups of FASAC members as appropriate
- Advising the Trustees on the representation of the FASB’s stakeholders on FASAC and the effectiveness of FASAC members, including assessing members for reappointment
- Leading the process to recruit highly qualified candidates for FASAC membership, ensuring that diverse stakeholder viewpoints are represented.
Summary of QualificationsThe FASAC Chair ideally would have the following qualifications:
- Experience as a senior finance or accounting executive, such as a controller, chief accounting officer, or chief financial officer with experience working and interacting with public or private company boards of directors. (This experience does not preclude consideration of those with other relevant backgrounds, as more fully described below.)
- Experience as a member of the board of directors of a public or private company, preferably with experience as a chair or member of the audit committee.
- Visibility and experience with public forums, including experience chairing meetings, giving speeches, speaking with the media, and similar activities.
- The ability to be independent and portray objective integrity, even if actively employed as a member of any FASB stakeholder group (preparer, auditor, user, or other).
Time CommitmentThe FASAC Chair must spend the appropriate time in order to perform his or her duties, which is estimated to be approximately 25-30 days per year. The FASAC Chair will have substantial support of the FASB staff.
The FASAC Chair must attend the four quarterly FASAC meetings (one is a two-day meeting). The FASAC Chair also is encouraged to attend the four quarterly meetings of the Financial Accounting Foundation Board of Trustees each year. These commitments would total approximately 9 days annually and be scheduled well in advance.
The FASAC Chair also is encouraged to become familiar with the inner workings of the FASB and to develop personal relationships with the FASB Chairman and members.
The FASAC Chair may be appointed to a term of up to four years, or a shorter period of time as agreed upon at the time of appointment. The FASAC Chair serves without remuneration but will be reimbursed for actual out-of-pocket expenses incurred in connection with FASAC activities as he or she may request, as per FAF travel and expense reimbursement policies.
Interested and qualified candidates are requested to submit CV and introduction via email by October 27, 2015, to: FASACchair@f-a-f.org. Alternatively, candidates may submit materials by mail to Financial Accounting Foundation, c/o Robert H. Kalina, Vice President, Human Resources, Financial Accounting Foundation, 401 Merritt 7, Norwalk, CT 06856.