The Financial Accounting Foundation (FAF) is currently seeking candidates for the role of Chair of the Financial Accounting Standards Advisory Council (FASAC).
The FASAC was formed in 1973 concurrent with the establishment of the Financial Accounting Standards Board (FASB).
The FAF Board of Trustees appoints the members of FASAC, including the chair, and broadly oversees its operations. The FASAC comprises approximately 35 members who are drawn from the ranks of CEOs, CFOs, senior partners of public accounting firms, executive directors of professional organizations, and senior members of the academic and analyst communities. FASAC members are appointed for a one-year term and are eligible to be reappointed for three additional one-year terms.
The primary function of FASAC is to advise the FASB on issues related to projects on the FASB’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the Chairman of the FASB.
The ideal candidate for FASAC chair would be a current or recently retired senior officer of a public or private company who currently sits on one or more public or private company boards, preferably on the audit committee. The candidate should be a “financial expert,” but does not necessarily have to be an accountant. The candidate should have an in-depth knowledge of the financial reporting process. The candidate’s stature must be sufficient to attract and retain highly qualified FASAC members.
The role and responsibilities of the FASAC chair include the following:
- Consulting and collaborating with the FASB Chairman on the FASB’s needs in the planning of FASAC’s agenda and work, and establishing the FASAC’s agenda and work plans accordingly
- Presiding at FASAC meetings and guiding the discussion so that comments and views can be presented to the FASB effectively
- Ensuring that FASAC is prepared to discuss effectively and in a timely manner the issues on which it is consulted by the FASB
- Providing quarterly and annual reports on the activities of FASAC to the FAF Board of Trustees and the FASB
- Encouraging FASAC members to provide comments on proposed standards, as well as on broader policy questions and other matters referred to FASAC, and encouraging FASAC members to speak and write publicly on the work of the FASB and FASAC
- Organizing and appointing committees or other groups of FASAC members as appropriate
- Advising the Trustees on the representation of the FASB’s stakeholders on FASAC and the effectiveness of FASAC members, including assessing members for reappointment
- Leading the process to recruit highly qualified candidates for FASAC membership, ensuring that diverse stakeholder viewpoints are represented.
The FASAC chair ideally would have the following qualifications:
- Experience as a senior finance or accounting executive, such as a controller, chief accounting officer, or chief financial officer with experience working and interacting with public or private company boards of directors. (This experience does not preclude consideration of those with other relevant backgrounds, as more fully described below.)
- Experience as a member of the board of directors of a public or private company, preferably with experience as a chair or member of the audit committee.
- Visibility and experience with public forums, including experience chairing meetings, giving speeches, speaking with the media, and similar activities.
- The ability to be independent and portray objective integrity, even if actively employed as a member of any FASB stakeholder group (preparer, auditor, user, or other).
The FASAC chair must perform their duties approximately 25-30 days per year, as well as attend the four quarterly FASAC meetings (one is a two-day meeting). The FASAC Chair is also encouraged to attend the four quarterly meetings of the Financial Accounting Foundation Board of Trustees each year. These commitments would total approximately 9 days annually and be scheduled in advance.
The FASAC chair may be appointed to a term of up to four years, or a shorter period of time as agreed upon at the time of appointment. The FASAC Chair serves without remuneration but will be reimbursed for actual out-of-pocket expenses incurred in connection with FASAC activities as he or she may request, as per FAF travel and expense reimbursement policies.
Interested and qualified candidates are requested to submit CV and introduction via email by October 27, 2015, to: FASACchair@f-a-f.org.
Alternatively, candidates may submit materials by mail to:
"Financial Accounting Foundation, c/o Robert H. Kalina, Vice President, Human Resources, Financial Accounting Foundation, 401 Merritt 7, Norwalk, CT 06856."
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