By Denise Lugo
The Financial Accounting Foundation (FAF) on December 19, 2019, said Richard Jones, chief accountant and partner at Ernst & Young LLP, was appointed chairman of the FASB, replacing Russell Golden, who vacates the post at the end of June 2020 due to term limits.
Jones will take up the post July 1, 2020, but will join the organization in early 2020 in order to enable a smooth, orderly leadership transition for the FASB, the announcement states.
“I am both excited and humbled by this opportunity,” Jones said in a statement. “I have long regarded the FASB as a fascinating and vital player in the financial reporting system. The independent standard-setting process is a national asset and is foundational to our robust financial markets. I am eager to join my new colleagues to carry on the mission to establish and improve accounting standards, and to educate stakeholders on how to implement them successfully.”
Separately, the FAF named Kathleen Casey, a senior advisor at Patomak Global Partners in Washington, as chair of its board of trustees, effective January 1, 2020. Casey replaces Charles Noski, who leaves the post year-end.
Five new trustees were also named: Bruce Herring, Michael Rollings, Timothy Ryan, Lawrence Salva, and Shundrawn Thomas, will begin terms on January 1, 2020, which conclude December 31, 2024.
The appointments come at a time of major standard-setting implementation outreach by the FASB to registrants on some of the most significant new accounting changes to hit the U.S. marketplace in decades. The board’s new credit loss standard takes effect in January, provisions that impact banks the most. Companies have also been implementing leases, hedging, revenue recognition and long-term insurance accounting, other substantial changes with various impacts spanning the U.S. capital marketplace.
Helping companies implement these major standards is among the top priorities of the board.
Jones spent his entire career at EY, joining in 1987. In his role as chief accountant and partner, he led the firm’s national office. Earlier roles include assurance staff and senior manager, posts he held from 1987-2000. He was promoted to assurance partner in 2000. In 2008, he was named director, consultations, and he was appointed to his current post in 2014.
Jones previously served on the Financial Accounting Standards Advisory Council (FASAC), the FASB’s main advisory body, from 2016 to 2018. He was also a member of the Accounting Standards Executive Committee of the AICPA from 2003–2008.
This article originally appeared in the December 20, 2019 edition of Accounting & Compliance Alert, available on Checkpoint.
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