The trustees of the Financial Accounting Foundation, which oversees the main accounting standards-setters in the U.S., are looking for new members for their Financial Accounting Standards Advisory Council.

FASAC is the primary advisory body to the Financial Accounting Standards Board. Its roughly 35 members attend quarterly meetings to advise FASB on its agenda, project priorities and procedural matters, as well as anything else FASB’s chair may ask of them.

The FAF is seeking new members for one-year terms starting Jan. 1, 2024; members are eligible for up to three extra one-year terms.

Candidates should possess “experience with and knowledge about the issues involving financial accounting and reporting,” and “skills and experience that complement or augment those within the collective membership of FASAC, or other expertise of value to the FASB,” according to the FAF.

Members are supposed to represent a wide range of stakeholders in the standard-setting process; currently the council is looking for some specific members of its different stakeholder communities:

  • The investor community (specifically, candidates with skills in buy-side investing, senior equity or debt analysis, ratings or accounting research analysis, as well as those with skills as a hedge fund or private equity investor).  
  • The preparer community (including both public and corporate accountants; right now, FASAC is particularly interested in candidates from technology, financial services, health, retail and energy, as well as chief accounting or chief financial officers, and heads of investor relations).
  • The auditor and accounting services community (preferably senior partners from midsized regional or national public accounting firms — not in the Big Four).
  • The corporate governance community (particularly those with experience on audit committees of corporate boards of Fortune 500 companies or other senior members of the governance community, including investors with a corporate governance focus).
  • The academic community (senior members of academia in accounting).

They are also interested in candidates from the nonprofit world, and from the legal profession.
Candidates can be proposed through the nomination form. Nominations are due by Friday, Aug. 18, 2023.
 
For more information, contact Elizabeth Gagnon at [email protected] or Michael Morrow at [email protected].

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