FASB Chair Russell Golden Reappointed and New Members Named
The Financial Accounting Foundation’s board of trustees has reappointed Russell G. Golden to a second term as chairman of the Financial Accounting Standards Board and named two new members: Marsha L. Hunt, vice president and corporate controller at Cummins Inc., and Harold L. Monk Jr., a partner at the accounting firm Carr, Riggs & Ingram LLC.
In addition, the FAF appointed four new members of the Private Company Council on Tuesday to three-year terms starting Jan. 1, 2017: Beth I. van Bladel, director of CFO for Hire LLC; David J. Hirsch, vice president of finance at Pritzker Group Private Capital; Richard N. Reisig, shareholder and technical director of attest services at Anderson ZurMuehlen & Company P.C.; and Yan Zhang, a partner at EisnerAmper LLP.
Golden began serving as FASB’s seventh chairman in 2013. His first term ends next June and his second and final term will extend his chairmanship until June 30, 2020. At Financial Executives International’s Current Financial Reporting Issues conference in New York on Monday, Golden discussed the increasing turnover at the board, but without referring to the following day’s upcoming announcement (see FASB Coping with Board Turnover).
During his first term, Golden led the board in issuing several major new accounting standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting that had been worked on for years by FASB.
He was originally appointed to the board in 2010, after serving as FASB’s technical director and chairing FASB’s Emerging Issues Task Force. Before joining FASB in 2004, he was a partner at Deloitte & Touche’s National Office Accounting Services department.
“I am honored to continue to serve as chairman of the FASB alongside my distinguished colleagues,” Golden said in a statement. “Together, we will continue to ensure that our standards provide investors and other financial statement users with the information they require to make good decisions. We also will proceed with enhancing our outreach to ensure that we’re meeting the needs of our diverse stakeholder groups.”
Joining him at FASB as new board members are Marsha L. Hunt. As vice president and corporate controller at Cummins Inc., she manages Sarbanes-Oxley Act compliance, external reporting, consolidation, finance systems, accounting policy, government contract compliance and accounting functions, along with the insurance risk management function at the engine and power generation maker. She previously worked as assistant controller and director of accounting at the glass and optical fiber manufacturer Corning.
Hunt now serves on FASB’s Financial Accounting Standards Advisory Council. Hunt is a member of Financial Executives International and has been active with its Committee on Corporate Reporting. Her term will begin on July 1, 2017 and conclude on June 30, 2022, when she will be eligible for appointment to another five-year term. She will succeed Lawrence W. Smith, who joined FASB in July 2007 and whose second and final term ends on June 30, 2017.
Harold L. Monk Jr. is a partner with Carr, Riggs & Ingram, where he offers auditing and attestation, accounting, tax, forensic accounting, and M&A services to businesses of all sizes in various industries. He currently serves on the Private Company Council.
He previously helped form the firm of Davis, Monk & Company, which merged with Carr, Riggs & Ingram in 2010. Monk is active within the American Institute of CPAs, previously serving as chairman of the AICPA’s Auditing Standards Board and as a member of its Board of Directors. He also served as chairman of the AICPA’s Private Companies Practice Section. He is both a CPA and a Certified Fraud Examiner.
Monk’s term will begin on Jan. 1, 2017 and conclude on June 30, 2022, when he will be eligible for appointment to another five-year term. He will succeed Daryl E. Buck, who joined FASB in February 2011 and will retire from the FASB on Dec. 31, 2016. Monk will also succeed Buck in serving as FASB’s liaison to the Private Company Council.
“Marsha and Harold will bring unique experience and perspectives to the FASB’s deliberation of critical financial reporting issues—Marsha as the corporate controller of a publicly traded company, and Harold as an auditor of public and private companies,” said Charles H. Noski, chairman of the FAF Board of Trustees, in a statement. “On behalf of the Trustees, I look forward to their contributions to the FASB’s mission of establishing and improving financial accounting and reporting standards.”
“I’m pleased to welcome Marsha and Harold to the FASB,” said Golden. “Marsha has broad knowledge of financial accounting and reporting issues facing large public companies, and Harold has considerable experience in addressing accounting issues facing private companies across a variety of industries. Marsha and Harold will be great assets to the board and its work.”
The new members of the PCC—Van Bladel, Hirsch, Reisig, and Zhang—will replace current PCC members George Beckwith, Thomas Groskopf, Harold Monk, and Carleton Olmanson. Beckwith, Groskopf and Olmanson’s terms conclude on Dec. 31, 2016. Following completion of their initial three-year terms, Bladel, Hirsch, Reisig, and Zhang will be eligible for reappointment to another two-year term.
“On behalf of the FAF, I am pleased to welcome our newest PCC members,” said FAF Trustee Diane M. Rubin, who chairs the Trustees’ Private Company Review Committee. “Their diverse backgrounds and deep understanding of issues that affect private companies will provide valuable perspectives to the PCC and the FASB. We also thank the departing PCC members—George, Tom, Harold, and Cully, for their commitment to helping improve financial accounting and reporting for private companies.”
“The FASB welcomes the appointment of the new PCC members and looks forward to working with them as they advise the board and consider matters facing users, preparers and auditors of private company financial statements,” Golden said in a statement.