Harold Monk Steps Down From Financial Accounting Standards
Norwalk, CT, May 14, 2018—Harold Monk, a member
of the Financial Accounting Standards Board (FASB), has informed the Trustees of the
Financial Accounting Foundation (FAF) that he intends to resign from the FASB,
citing personal reasons. The resignation takes effect May 31, 2018.
Monk was appointed to the FASB by the FAF Trustees in November 2016, and
officially joined the board on January 1, 2017. Prior to his FASB appointment,
Mr. Monk was a partner with Carr, Riggs & Ingram LLC, providing auditing and
attestation, accounting, tax, forensic accounting, and M&A services to
businesses of all sizes in various industries.
“My service on the FASB
stands as a career highlight and a great source of pride,” said Mr. Monk. “I am
grateful to my fellow board members and to the FASB staff for making my time in
Norwalk so rewarding.”
“Harold has been an insightful advocate for
private company stakeholders during his service on the FASB,” commented FASB
Chairman Russell Golden. “We wish him well and thank him for his contributions
to our work.”
“The Financial Accounting Foundation Trustees acknowledge
Harold’s service to the organization and his longstanding leadership in the
accounting profession,” said Charles Noski, Chairman of the FAF Board of
Mr. Noski added that the FAF Trustees will soon begin a formal
search to identify and appoint Mr. Monk’s successor. The FASB will operate with
six members in the meantime.
About the Financial Accounting
Established in 1972, the Financial Accounting
Foundation (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 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. For more information, visit http://www.accountingfoundation.org/.