Financial Accounting Foundation appoints executive director

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The Financial Accounting Foundation, the group that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has named acting president John W. Auchincloss as the FAF’s executive director.

Auchincloss was named acting president last year after the departure of president and CEO Terri Polley. He is now gaining a more permanent title, albeit not as president and CEO. The appointment comes during a time of extensive transition at the FAF, FASB and GASB.

In December, Kathleen Casey was named chair of the FAF, succeeding longtime chairman Charles Noski, who had stayed on past the expiration of his term in order to help identify new chairs of both FASB and GASB when their terms end this year. FASB chairman Russell Golden will be succeeded by Ernst & Young chief accountant Richard Jones in July, and GASB chairman David Vaudt will be succeeded by Joel Black, partner-in-charge of the audit practice at Mauldin & Jenkins, also in July.

Auchincloss (pictured) joined the FAF as vice president and general counsel in May 2016. Last year, after Polley’s departure, he was appointed acting president while a national search was conducted for an executive director. His appointment as executive director takes effect immediately.

“John has long impressed the FAF trustees with his intelligence, thoughtful strategic counsel, and commitment to the FASB and the GASB and their important mission,” said Casey in a statement Thursday. “I am very pleased that we will continue to benefit from his strong leadership.”

Before joining the FAF, Auchincloss focused on nonprofit governance, tax, and regulatory issues. His last position before coming to the FAF was as general counsel and secretary for Commonfund, a private, nonprofit asset management firm.

“I am grateful to the FAF trustees and the entire organization for this opportunity to serve,” Auchincloss said in a statement. “The standard-setting boards have a unique role serving investors and other stakeholders across our capital markets. The entire FAF organization is committed to supporting the integrity of the independent standard-setting process and ensuring the boards have what they need to succeed.”

Before working at Commonfund, Auchincloss was an assistant U.S. attorney in the Southern District of New York. He began his career at the law firm Davis Polk & Wardwell in Washington, D.C. and New York City.

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Financial Accounting Foundation FASB GASB Accounting standards
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