The Financial Accounting Standards Board has lost one of its members, with Harold Monk stepping down for “personal reasons.”
His resignation takes effect on May 31. Monk joined FASB on Jan 1, 2017, so he effectively will have served only a little over a year of his five-year term. Before joining FASB, he was a partner at Top 100 Firm Carr, Riggs & Ingram LLC, providing auditing and attestation, accounting, tax, forensic accounting, and M&A services to businesses.
“My service on the FASB stands as a career highlight and a great source of pride,” Monk said in a statement Monday. “I am grateful to my fellow board members and to the FASB staff for making my time in Norwalk so rewarding.”
The trustees of the Financial Accounting Foundation, which oversees FASB, plan to begin a formal search to identify and appoint a successor. FASB will operate with six members in the meantime. The board will also soon be losing Marc Siegel, whose second five-year term ends on June 30, but it has already named a successor in Gary Buesser, a portfolio manager and research analyst at Lazard Asset Management who will be joining the board on July 1.
The leaders of FASB and the FAF thanked Monk for his service. “Harold has been an insightful advocate for private company stakeholders during his service on the FASB,” said FASB Chairman Russell Golden in a statement. “We wish him well and thank him for his contributions to our work.”
“The Financial Accounting Foundation Trustees acknowledge Harold’s service to the organization and his longstanding leadership in the accounting profession,” stated FAF Board of Trustees Chairman Charles Noski.
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