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FASB

Casey Vacating Chair Seat at Financial Accounting Foundation Year-End

Denise Lugo  Editor, Accounting and Compliance Alert

Denise Lugo  Editor, Accounting and Compliance Alert

A search is underway to replace Kathleen Casey as chair of the Financial Accounting Foundation (FAF) when she leaves that office at the end of this year, the trustee organization said on March 1, 2022.

At the end of 2022, Casey will complete five years of service on the trustee board including three as FAF chair.

The new chair will be appointed to a three-year term beginning January 1, 2023 through December 31, 2025, and can stand for reappointment to a second three-year term beginning in 2026.

Casey is a senior advisor at Patomak Global Partners in Washington, DC, a financial services consultancy that specializes in strategic advisory, compliance, enforcement, and litigation support services. Prior to that, she served a five-year appointment as a commissioner on the U.S. SEC. Casey began her career working for the U.S. Senate, including serving as the staff director and counsel to the U.S. Senate Banking, Housing, and Urban Affairs Committee.

Established in 1972, the FAF is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

The FASB and the GASB establish and improve financial accounting and reporting standards known as Generally Accepted Accounting Principles, or GAAP for public and private companies, not-for-profit organizations, and state and local governments in the United States.

The chair of the FAF Board of Trustees plays a crucial role in preserving the integrity of the independent standard-setting process, according to the announcement. They are involved in all major trustee decisions related to strategy, appointments, oversight, and governance, and represent the entire organization with high-level stakeholders and regulators.

“The FAF Board chair is a staunch advocate for independent standard setting and demonstrates a deep concern for the public interest as well as an appreciation for the varying interests and perspectives of all FAF stakeholders,” said Lynnette Kelly, chair of the Appointments Committee of the FAF Board of Trustees. “The Chair ensures effective oversight of the independent standard-setting bodies of the FASB and GASB and provides leadership to the 18-member FAF Board of Trustees, the FASB Chair, the GASB Chair, and the FAF Executive Director,” she said. “It’s an important opportunity for the right leader.”

This article was originally published in Accounting and Compliance Alert (available on Checkpoint) on March 2, 2022.

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