News Release 12/19/19
Richard R. Jones Appointed Chair of the Financial Accounting Standards Board
Norwalk, CT—December 19, 2019—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it has appointed Richard R. Jones as the next chair of the Financial Accounting Standards Board (FASB).
Mr. Jones succeeds Russell G. Golden, and his appointment is effective July 1, 2020. Mr. Jones is expected to join the organization in early 2020 in order to enable a smooth, orderly leadership transition for the FASB.
Mr. Jones is chief accountant and partner at Ernst & Young LLP (EY), leading a large and diverse team of EY professional colleagues in the firm’s national office. Mr. Jones has spent his entire career at EY, joining in 1987 following his graduation with a BS in accounting from the State University of New York, Binghamton. Mr. Jones held the title of assurance staff and senior manager from 1987–2000 and was promoted to assurance partner in 2000. In 2008, he was named director, consultations, and he was appointed to his current post in 2014.
As EY’s chief accountant, Mr. Jones leads the effort to help the firm’s clients and engagement teams understand accounting requirements, develop the firm’s views on proposed accounting standards, and oversee EY’s accounting publication efforts across all sectors: public companies, private companies, not-for-profit organizations, employee benefit plans, and government entities. He is also the author of numerous EY technical publications.
Mr. Jones previously served on the Financial Accounting Standards Advisory Council (FASAC) from 2016 to 2018. He was also a member of the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants (AICPA) from 2003–2008.
“Rich Jones brings together all of the important qualities we were looking for in FASB’s next leader,” said FAF Chairman Charles H. Noski. “He is an outstanding accountant, deeply knowledgeable about our diverse stakeholders, and an experienced leader who can drive consensus in the complex world of accounting standards and financial reporting. He lives our values and our mission in every respect and will serve with distinction.”
“I am both excited and humbled by this opportunity,” Jones said. “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.”
About the Financial Accounting Foundation
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 www.accountingfoundation.org.
About the Financial Accounting Standards Board (FASB)
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.