Wanted: New chairmen for FASB and GASB

The Financial Accounting Standards Board and the Governmental Accounting Standards Board are both on the lookout for new chairmen, with the end of the term approaching next year for leaders of both FASB and GASB.

The terms of both FASB chairman Russell Golden and GASB chairman David Vaudt will be ending on June 30, 2020. The Financial Accounting Foundation, which oversees both FASB and GASB, opened the nominating process Monday for a successor to both chairs. The FAF Board of Trustees Appointments Committee is beginning the search process, aiming to attract potential candidates with different backgrounds and experiences.

Ideal candidates, however, should have these qualifications, according to the FAF:

  • Commitment and passion for the Board’s mission. This includes an appreciation for the importance of independent standard setting for financial accounting and reporting, concern for the public interest, and an understanding of the varying interests and perspectives of users of financial information, preparers, and auditors of financial reports.
  • Strong knowledge and technical competency in financial accounting and reporting.
  • Collaborative leadership and communication skills. An inspiring and pragmatic leader will command respect, instill confidence, and help lead organizational change in a consensus-driven organization.

The FAF said candidates for both jobs should also have other skills and experiences relevant to their unique roles. While FASB sets accounting standards for public and private businesses and nonprofits, GASB focuses on standards for state and local governments. The FASB and GASB chairs will each serve for a single seven-year term. More information on the posts, including applications, can be found here. There's also a video about the FASB and GASB chair searches featuring FAF president and CEO Terri Polley. For more information about these and other openings at FASB and GASB, click here. The FAF is also looking for suggestions about possible nominees.

FASB chairman Russell Golden (left) and GASB chairman David Vaudt

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