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FASB

FASB to Become More Diverse with New Board Appointment, Plus New Trustee Chair Named

Denise Lugo  Editor, Accounting and Compliance Alert

Denise Lugo  Editor, Accounting and Compliance Alert

The Financial Accounting Foundation (FAF) on Nov. 15, 2022, said Joyce Joseph was appointed to the FASB to succeed current member Gary Buesser whose term will conclude on June 20, 2023.

Joseph is the first person of color named to the seven-member FASB since it was established in the 1970s. The board currently comprises three women—Susan Cosper, Christine Botosan and Marsha Hunt; and four men—Chair Richard Jones, Vice Chair James Kroeker, Buesser and Frederick Cannon, but will shift to four women and three men when Joseph joins, another historic first on the gender scale for the U.S. accounting rulemaker.

Joseph’s term on the board will start on July 1, 2023 and runs until June 30, 2028, the FAF said. She will then be eligible for consideration for reappointment to one additional five-year term.

Joseph currently serves as managing director at Capital Accounting Advisory and Research advising on the analysis of current and emerging financial accounting, reporting, and internal control matters from an investor perspective. She is also an assistant professor of professional practice at Rutgers Business School where she lectures accounting in the MBA and undergraduate programs.

Joseph began her career at KPMG LLP auditing financial institutions before joining Deutsche Bank becoming assistant vice president with controllership responsibilities. She also was a vice president at JP Morgan Chase & Co. leading SEC reporting and Sarbanes-Oxley compliance. Joseph spent nearly two decades leading research and analysis on current and emerging financial accounting and reporting matters with an investor and user perspective first as a managing director at S&P Global Ratings. She is also a board member on the AICPA Board of Examiners, setting policy for the CPA exams and shaping the future of the accounting profession and its members.

Joseph holds a Master of Business Administration degree from The Wharton School of the University of Pennsylvania, and a Bachelor of Business Administration degree from Pace University. She is a certified public accountant (CPA), a chartered global management accountant (CGMA), and a Standard & Poor’s certified credit ratings analyst—Financial Institutions Industry. Joseph is a member of the AICPA, National Association of Black Accountants, and CFA Society New York.

Currently, Joseph is working on her dissertation as she pursues a Doctor of Business Administration degree at Rutgers Business School and will work to complete that degree in 2023.

The FAF is the trustee body with oversight responsibility for the FASB and the GASB, the nation’s two main developers of U.S. GAAP.

New Trustee Chair Appointed

Separately, the FAF said Edward Bernard was appointed trustee chair, succeeding Kathleen Casey who leaves the post year-end. Bernard’s term begins on Jan. 1, 2023 and end on Dec. 31, 2025, at which point he will be eligible for a second three-year term.

Bernard is a director at LPL Financial Holdings, Inc., where he is a member of the Audit and Compensation committees. He is also a director at UTI Asset Management Company Ltd., where he chairs the Stakeholders Relationship committee and is a member of the Nominating & Remuneration and Social & Corporate Responsibility committees.

Bernard spent most of his career at T. Rowe Price Group, Inc., which he joined in 1988. His industry leadership roles include a two-year term as chairman of the Asset Management Advisory committee of the U.S. SEC from 2019-21 and, from 2006 to 2018, service on the Investment Company Institute’s (ICI) Board of Governors and Executive committee. He was ICI’s board chair from 2009-2011.

GASB’s Advisory Council Reappointments

The FAF also announced the reappointment of Elizabeth Pearce as chair and Robert Hamilton as vice chair of the Governmental Accounting Standards Advisory Council (GASAC), respectively. Both will serve their terms starting Jan. 1, 2023 and concluding on Dec. 31, 2024, at which time they will be eligible for reappointment for one additional term.

 

This article originally appeared in the November 16, 2022 edition of Accounting & Compliance Alert, available on Checkpoint.

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