NEWS RELEASE 11/14/23
Financial Accounting Foundation Reappoints Susan M. Cosper to the Financial Accounting Standards Board
Norwalk, CT, November 14, 2023—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reappointment of Susan M. Cosper to a second five-year term on the Financial Accounting Standards Board (FASB) effective July 1, 2024, and concluding on June 30, 2029.
“Sue Cosper’s experience and strong commitment to the FASB’s mission are tremendous assets to the Board and have earned her the deep respect of her colleagues,” stated FAF Chair Edward C. Bernard. “I am very pleased that she has agreed to serve a second term on the Board.”
“Sue Cosper brings extensive technical accounting expertise, keen insights, and the ability to consider an issue from different perspectives to our discussions,” said FASB Chair Richard R. Jones. “As the Board’s liaison to the Private Company Council (PCC), she’s also done an exemplary job of enhancing our understanding of the unique needs of private company financial statement users, and I am proud to congratulate her on her reappointment to a second term.”
Sue Cosper joined the FASB on May 1, 2019, having previously served eight years as its technical director and chair of the Emerging Issues Task Force. Prior to joining the FASB, Ms. Cosper was a partner with PricewaterhouseCoopers LLP (PwC) in New York City. 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.
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. For more information, visit www.accountingfoundation.org.
About the Financial Accounting Standards Board
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.