Financial Accounting Foundation Appoints Hillary H. Salo to the Financial Accounting Standards Board
Norwalk, CT, November 14, 2023—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Hillary H. Salo to a five-year term on the Financial Accounting Standards Board (FASB). Her term will begin on July 1, 2024, and conclude on June 30, 2029, when she will be eligible for consideration for reappointment.
“On behalf of the FAF Board of Trustees, I am very pleased that Hillary will be joining the FASB as a Board member. Hillary’s deep technical knowledge; effective communication skills; and broad experience as an auditor, regulator, and standard setter made her the ideal candidate to serve on the FASB,” stated FAF Chair Edward C. Bernard. “In her role as FASB technical director, Hillary has demonstrated the highest levels of integrity and dedication to the Board’s mission of developing standards that provide investors with decision-useful information, and the Trustees are pleased she will continue to serve that mission when she begins her term on the Board.”
Hillary joined the FASB in 2020 as technical director and chair of its Emerging Issues Task Force from the New York City office of KPMG LLP where she was an engagement partner in the audit practice. She began her KPMG career in the Chicago office in the accounting advisory services group and moved to the New York City office to join the audit quality and professional practice group. She then served as a professional accounting fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., from 2013 to 2015 before returning to KPMG in New York City in 2015 as a partner. She began her career as an FASB postgraduate technical assistant after graduating with a master’s degree in accountancy from the University of North Carolina at Chapel Hill.
“Hillary is an ideal choice for the FASB and will make significant contributions to the Board during her tenure. Since rejoining the FASB staff in 2020, Hillary has provided outstanding leadership of the Board’s standard-setting activities and staff, guiding our successful reprioritization of our agenda and driving our progress on stakeholder priorities,” stated FASB Chair Richard R. Jones. “Hillary’s broad technical knowledge and open-listening nature allow her to consider various stakeholder perspectives and are great assets for the Board. I am very pleased to join the FAF Trustees in congratulating her on her well-deserved appointment to the Board.”
Ms. Salo will succeed James L. Kroeker, whose second and final term on the Board concludes on June 30, 2024. Mr. Kroeker currently serves as vice chairman of the FASB.
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.