NEWS RELEASE 05/11/23
Financial Accounting Foundation Trustees Reappoint Michael Morrow as FASAC Chair
Norwalk, CT, May 11, 2023—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reappointment of Michael M. Morrow to a third two-year term as chair of the Financial Accounting Standards Advisory Council (FASAC), effective January 1, 2024.
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 has served as chair since 2020. He will be eligible to be considered for reappointment in 2026.
Currently, Mr. Morrow serves as the Audit Committee chairman of Cabot Corporation, a Fortune 1000 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.
“Mike has brought a unique vantage point to the FASAC over the past five years,” said FAF Chair Edward C. Bernard. “He is well respected among his peers and brings to this role diverse insights based on his broad experience advising companies involved with manufacturing, technology, financial services, and consumer products.”
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 an independent, private-sector, not-for-profit organization based in Norwalk, Connecticut. Its Board of Trustees is 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 (collectively, “the Boards”) 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. Both Boards set high-quality standards through a process that is robust, comprehensive, and inclusive. The FASB is responsible for standards for public and private companies and not-for-profit organizations, whereas the GASB is responsible for standards for state and local governments.
The Foundation’s Board of Trustees comprises 14–18 members from varied backgrounds—users, preparers, and auditors of financial reports; state and local government officials; academics; and regulators. The Trustees direct the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their complementary missions, select and appoint FASB and GASB members and their advisory councils, oversee the Boards’ activities and due process, and promote and protect the independence of the Boards. You can learn more about the FAF at 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.