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. 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, […]
Financial Accounting Foundation Offers Solution to Anyone Trying to Catch a Few Winks at Lunch
If only they could do it every day. The FAF said that future public FAF Trustee meetings, including the public sessions of the upcoming Aug. 20, 2013 meeting, will be audio-streamed live on the FAF’s Web site at www.accountingfoundation.org/webcasts. The meeting is scheduled to take place at the Omni Berkshire Place in New York City. […]
Nice Neighborhood Dad Named New FASB Chairman
Russell Golden will be your new FASB Chairman effective July 1st. He's been at the Board since 2004, after being a partner in Deloitte's National Office Accounting Services department. Since joining the FASB, he's held various technical positions and even chaired the Emerging Issues Task Force for a time. He has all the chops that you'd want […]
What Would You Say if Someone Told You That a Trustee of the Financial Accounting Foundation Was on the Audit Committee of Morgan Keegan During a Huge Accounting Scandal?
Maybe, "Oh, that's fascinating." Perhaps, "Can't say that I'm surprised." Or, probably more likely, "Will this affect my raise?" Jonathan Weil has the story of Mary Stone, who is a trustee of the Financial Accounting Foundation, but prior to her appointment was an audit committee of Morgan Keegan & Co. when a bunch of their mutual […]
Oh For God’s Sake, Bank of America’s Former CFO Is Being Appointed Chairman of a Council That Advises the FASB
Chuck Noski was CFO of BofA for only one year and is still a vice chairman at the bank and is probably a very competent individual but Jesus, has the Financial Accounting Foundation no sense of the reputation of this particular bank? Further, have they heard nothing about the collective reputation of banks these days?
Mr. Noski’s appointment was announced by John J. Brennan, chairman of the Board of Trustees of the Financial Accounting Foundation (FAF). The FAF is responsible for the oversight, administration, and financing of the FASB and its counterpart for state and local governments, the Governmental Accounting Standards Board (GASB).
“With his breadth of experience in corporate finance across a range of industries, Chuck Noski will bring to the FASAC a deep understanding of the complex issues facing the FASB as it seeks to serve the best interests of all those who use, prepare, and audit financial statements,” Mr. Brennan said. “We are very pleased to welcome him as the new FASAC chairman.”
At least the ABA will have a direct line for their hate mail now.
[via FAF]
FAF Chairman Isn’t Interested in the FASB Taking a Backseat in Accounting Rulemaking
In a November 15 letter to the SEC, FAF chairman John J. Brennan wrote that reducing FASB’s role in setting U.S. financial reporting standards “may weaken the positive leverage that U.S. GAAP and U.S. standard setting have provided to improving accounting standards for investors in the world’s most robust and transparent capital markets.” The FAF also disputed the SEC staff’s proposed goal of achieving one set of global accounting standards. Instead, the organization feels that “a more practical goal for the foreseeable future is to achieve highly comparable (but not necessarily identical) financial reporting standards among the most developed capital markets that are based on a common set of international standards.” [CFO]