The Financial
Accounting Foundation currently is seeking candidates for the Board of Trustees
to fill vacancies occurring as of year-end 2013. Nominations are sought from
domestic and international accounting, business and investor organizations;
financial and capital markets participants; accounting and business
academicians; consumer groups; regulatory organizations; and other interested
entities and persons.
The Financial Accounting Foundation
The Financial Accounting Foundation
(FAF), organized in 1972, is the independent, private-sector organization with
responsibility for the oversight, administration, and finances of the Financial
Accounting Standards Board (FASB) and the Governmental Accounting Standards
Board (GASB). Through its standard-setting boards, the organization establishes
and improves financial accounting and reporting standards, fostering financial
reporting that provides decision-useful information to investors and other users
of financial reports. The FAF directs the effective, efficient, and appropriate
stewardship of the organization in carrying out its mission; oversees and holds
accountable the standard-setting boards for conducting their activities with
appropriate due process; and promotes and protects the independence of the
standard-setting boards in their establishing and improving financial accounting
and reporting standards.
Composition, Size and Term of the Board of Trustees
The organization is
governed by a Board of Trustees, an independent body of leaders with diverse
personal and professional backgrounds and experience, including business,
investment, capital markets, accounting, accounting and business education,
financial, government, regulatory, and investor advocate. The size of the Board
is a flexible range of 14 to 18 members. Trustees serve a single, five-year
term.
Trustee Candidate Profile
The ideal candidates will be highly regarded
within their professions, 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 large 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. The FAF is committed to diversity
and actively seeks nominations of candidates who will provide diverse personal
and professional backgrounds and perspectives to the Board of
Trustees.
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 an investor and 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
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.
Time Commitment
The Board of Trustees holds regular quarterly meetings,
generally in the New York metropolitan area. Committee meetings often are held
the day before the regular quarterly Trustee meetings. The Board also holds
special meetings and committee meetings at other times and locations throughout
the year as needed (some of those meetings are held by teleconference). Trustees
generally are assigned to serve on one or two committees. Trustees are expected
to provide adequate time to become familiar with pertinent Foundation matters
and to participate fully in their assigned committee responsibilities. Trustees
are expected to become acquainted with and maintain effective communications
with, among others, the Foundation´s constituent organizations and key personnel
of the various Foundation units and, when possible, attend FASB, GASB and
advisory group meetings.
Interested and qualified candidates
are requested to submit CV and introduction via email by April 30, 2013, to: Trustee@f-a-f.org.
Or mail to Board of Trustees – FAF, c/o Robert H. Kalina, Vice President, Human
Resources, Financial Accounting Foundation, 401 Merritt 7, Norwalk, CT
06856