FASB's overseer - the Financial Accounting Foundation - is in search of nominees to fill upcoming vacancies on the FAF Board of Trustees.
As noted on the FAF's Notice
posted earlier this week, here are the desired qualifications of FAF Trustees:
Trustee Candidate Profile
The ideal candidates will be highly regarded within their profession, possess an understanding of the U.S. and global financial and capital markets, and have a strong appreciation for the importance to the markets, the investment community, and the public at arge of independent standard setting for financial accounting and reporting. Candidates will be committed to the mission of the FAF, FASB, and GASB, demonstrate a concern for the public interest, and have an appreciation for the varying interests and perspectives of investors and other users of financial information and the preparers and auditors of financial reports.
In addition to the attributes described above, the FAF currently is seeking senior-level professionals with backgrounds and experience in one or more of the following areas:
- As a user of financial statements, including those of private companies, public companies, or of state or municipal governments
- As a CEO, CFO, or similar role for a private or public company
- As a CEO, CFO, or similar role for a large, complex not-for-profit organization, such as a university or a hospital.
Primary duties of the Trustees are:
- To monitor, on an ongoing basis, the activities of the FASB and the GASB and their due process practices, policies and procedures, including agenda setting, solicitation and consideration of public comments, post-implementation evaluation of the effectiveness and efficiency of their standards and standard-setting activities, and their performance within the context of their mission statements.
- To appoint the Chairs and members of the FASB, GASB, and their advisory boards.
- To approve the short and longer range strategic plans of the FAF, FASB and GASB, and monitor the progress in implementing such plans.
- To advocate publicly on behalf of the independent standard setting process.
- To conduct periodic reviews of the structure for establishing and improving financial accounting and reporting standards in such scope and at such times as the Trustees shall determine.
- To oversee the finances, arrange and advocate for appropriate resources and funding, and approve the budgets of the FAF, FASB, and GASB.
The FAF Trustees generally meet quarterly in New York City.