New chairs named for FASB, FAF

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New leaders have been named for both the Financial Accounting Standards Board and the Financial Accounting Foundation, which oversees the board.

Richard Jones, a partner and chief accountant at Big Four firm Ernst & Young, has been selected as the next FASB chair by the trustees of the FAF, while former Securities and Exchange Commission Commissioner Kathy Casey will become the new chair of the FAF.

Casey is due to succeed current FAF Chair Charles Noski on Jan. 1, 2020, and Jones will succeed current FASB Chair Russell Golden on July 1, 2020, but will join FASB early in the new year to work on the transition.

Both bring strong backgrounds in financial reporting, public markets and related issues.

Jones has spent his entire career at E&Y, joining the firm in 1987 immediately after graduating from the State University of New York, Binghamton. He was named an assurance partner in 2000, and has previously served on the American Institute of CPAs’ Accounting Standards Executive Committee and on the Financial Accounting Standards Advisory Council.

“Rich Jones brings together all of the important qualities we were looking for in FASB’s next leader,” said FAF Chair Noski in a statement. “He is an outstanding accountant, deeply knowledgeable about our diverse stakeholders, and an experienced leader who can drive consensus in the complex world of accounting standards and financial reporting. He lives our values and our mission in every respect and will serve with distinction.”

“I am both excited and humbled by this opportunity,” Jones said in a statement. “I have long regarded FASB as a fascinating and vital player in the financial reporting system. The independent standard-setting process is a national asset and is foundational to our robust financial markets. I am eager to join my new colleagues to carry on the mission to establish and improve accounting standards, and to educate stakeholders on how to implement them successfully.”

Currently a partner at Patomak Global Partners, with experience as a board director and an audit committee member, Casey served as an SEC commissioner from 2006-2011; prior to that, she worked extensively on Capitol Hill.

The SEC also announced five new members of the Board of Trustees of the FAF, which also oversees the Governmental Accounting Standards Board: Bruce Herring, Michael Rollings, Timothy Ryan, Lawrence Salva, and Shundrawn Thomas.

Both Golden and Noski are coming to the completion of their appointed terms, and the search for their successors has been going on for some time.

“Since January 2016, Chuck has played an instrumental role in preserving the integrity of the independent accounting standard-setting process,” the SEC commissioners wrote in announcing Noski’s successor. “Chuck’s extensive background, which includes time spent as a chief financial officer of a global financial institution, an audit committee chair, and an audit partner, among other roles, proved to be integral in his leadership of the FAF. Chuck was a valued partner to the commission in supporting our shared goal of promoting high-quality financial reporting.”

“We look forward to continuing to work with Russ during the transition to Rich’s leadership,” the commissioners wrote. “Throughout his term, Russ has utilized his extensive background, knowledge, and experience to promote improvements in accounting standards for the benefit of investors. Russ has been a tireless and valuable partner to the commission in supporting our shared goal of promoting high-quality financial reporting.”

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FASB Financial Accounting Foundation SEC EY