Financial Accounting Foundation Seeks Nominations for Financial Accounting Standards Advisory Council

Norwalk, CT, August 2, 2022—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2023. The FASAC is the primary advisory body to the Financial Accounting Standards Board (FASB).

The FASAC currently consists of 36 members who represent a broad cross section of the FASB’s constituency. Its primary function 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 FASB chair.

FASAC members are appointed by the FAF Trustees for an initial one-year term and are eligible to be reappointed for three additional one-year terms. FASAC members are expected to attend four quarterly meetings in 2023, which are listed in the nomination form.

Ideal FASAC member candidates possess:

• Experience with and knowledge about the issues involving financial accounting and reporting
• Skills and experience that complement or augment those within the collective membership of FASAC, or other expertise of value to the FASB.

To ensure a balance of perspectives and backgrounds, the FASAC chair currently seeks candidates who possess experience in one or more of the following areas:

• Financial statement user/investor community (those who use financial information to make investment, lending, or rating decisions)—specifically, candidates with skills in buy-side investing, senior equity or debt analysis, ratings, or accounting research analysis. Candidates also could have skills as a hedge fund or private equity investor and may reside with a public or private company.
• Public or private corporate (preparer) community. To help broaden the diversity of the Council, candidates from technology, financial services, insurance, real estate and construction, trade and services, and life sciences are encouraged. We are particularly interested in adding chief accounting or chief financial officers to the Council.
• From the auditor and accounting services community. Candidates from mid-sized regional or national public accounting firms (not in the Big 4), preferably a senior partner.
• From the corporate governance community. Candidates with experience on an audit committee of corporate boards of Fortune 500 companies or other senior members of the governance community, including investors with a corporate governance focus.
• From the legal community. Candidates should be senior members with a practice emphasis in financial reporting-related issues (such as corporate or securities law).

Those interested in nominating a candidate for consideration should provide the candidate’s name, title, and (if available) resume or biography using the FASAC nomination form. Candidates who are not selected for the upcoming class may also be considered for future FASAC classes. The deadline to submit nominations is Friday, August 19, 2022.

For more information, please contact Elizabeth Gagnon at eagagnon@fasb.org.