October 29, 2020

FAF Did Not Pick You to Be FASB’s Next Chairman

Unless your name is Richard Jones and you’re chief accountant and partner at EY, then the Financial Accounting Foundation did pick you, congratulations.

Richard Jones

Jones will succeed nice neighborhood dad Russell Golden as FASB chairman after Golden’s term ends on June 30.

Golden, a former Deloitte partner, has sat in FASB’s big chair since July 1, 2013.

Jones looks the part of a FASB chairman, as he has a propensity for wearing blue button-down shirts with ties just like his predecessor.

But he also has the resume to back up that buttoned-down look:

Mr. Jones has worked at EY since 1987. He has held several titles at the firm, including assurance staff and senior manager to director of consultations. In 2014, he was appointed to his current role as chief accountant and partner.

The incoming chairman will serve a seven-year term with no option for renewal, according to FAF spokesman Matthew Broder. Mr. Golden initially served a three-year term, followed by a four-year renewal.

Jones is very familiar with the crew in Norwalk, CT, as he served on the Financial Accounting Standards Advisory Council (FASAC) from 2016 to 2018. He also was a member of the AICPA’s Accounting Standards Executive Committee from 2003 to 2008.

He is expected to join the FASB in early 2020 so Russ can show him the ropes.

To those who didn’t get chosen by FAF, better luck next time. Try back again in seven years.

EY Chief Accountant To Become Next FASB Chairman [Wall Street Journal]

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