The Financial Accounting Foundation (FAF) has appointed six new members to the Financial Accounting Standards Advisory Council (FASAC), effective 1 January 2025.
The FASAC plays a role in advising the Financial Accounting Standards Board (FASB) on various matters, including strategic and technical issues, project priorities, and standard setting processes.
It is an operational branch of the FAF, which operates independently of any other business or professional entities.
The Board of Trustees of the FAF, comprising leaders from business, accounting, finance, government, and academia, manages the Foundation.
The new appointees will serve a one-year term, with the possibility of reappointment for subsequent terms.
The incoming FASAC members are Yoni Engelhart, Stacy Harrington, Joseph Holmes, W. Howard Morris, Eric Johnson and Susanne Skaggs.
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Simultaneously, six current members of the FASAC will complete their tenure on 31 December 2024.
FAF Board of Trustees chair Edward C. Bernard said: “The incoming FASAC members are outstanding candidates drawn from the ranks of investors and financial reporting professionals.
“The Trustees are pleased to welcome them to the Council and look forward to their contributions to its discussions with the FASB.”
FASAC chair Michael Morrow said: “I want to extend my thanks to our departing FASAC members for their years of dedicated service to the Council.
“They brought to our group discussions diverse perspectives and a shared commitment to the FASB’s standard-setting mission to develop financial accounting and reporting standards that provide decision-useful information to investors and other capital allocators.”
In 2023, Michael Morrow was reappointed by the FAF Board of Trustees for a third two-year term as chair of the FASAC.
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