FASB Member Position Specification

The FAF is seeking highly qualified individuals to fill one of the seven seats on the FASB. That FASB member seat will become available on July 1, 2024. The initial term for this appointment will extend to June 30, 2029. Members of the FASB, in a collegial environment, together accomplish the objective to develop high-quality financial reporting standards that result in useful information for investors and other users of financial statements. The FASB member roles are full-time and based in Norwalk, Connecticut. These are senior and prestigious appointments, demanding not only a high degree of technical accounting expertise but also a high level of understanding of the global financial reporting environment.

Key Relationships

Reports to:
  • FAF Board of Trustees
Key relationships:
  • Financial Accounting Foundation (FAF) Trustees
  • Financial Accounting Standards Board (FASB) Chairman and Members
  • Financial Accounting Standards Advisory Council (FASAC) and other FASB advisory groups
  • Private Company Council (PCC)
  • International Accounting Standards Board (IASB) and other major accounting standard-setting organizations
  • Securities and Exchange Commission (SEC) and other federal agencies involved in financial, economic, securities, and market regulation and standards
  • Members and key staff of the U.S. Congress • Governmental Accounting Standards Board (GASB) and governmental and investment professionals’ associations

Major Responsibilities

  • Standard Setting–Participate in the development of high-quality financial accounting and reporting standards that result in decision-useful information for investors and other users of financial reports. Gain an understanding of complex business transactions and how to best translate them into financial accounting and reporting. Approach issues with an open mind and demonstrate a willingness to understand the perspectives of and have constructive dialogue with stakeholder groups different from your past experiences.
  • Forward Planning–Participate in setting the overall strategic direction and activities of the FASB, including, importantly, its work with its international counterparts and its support of and collaboration with the Private Company Council (PCC); provide the leadership to inspire colleagues and staff to excel in the achievement of the FASB’s mission.
  • Strategic Partnership–Contribute to a “tone at the top” of collaboration, communication, and commitment to excellence in the achievement of the entire organization’s mission and operations. Build, maintain, and strengthen constructive relationships with all of the FASB’s extensive and varied stakeholders, including stakeholders from backgrounds other than your own.
  • Process Stewardship–Serve as one of seven active participants in the FASB process. Work with a diverse group of strong-minded individuals toward consensus. Assist in the process by which the Board develops and states its position on accounting issues. Address and balance a wide range of international, governmental, and regulatory sensitivities of the public sector while serving the private sector.
  • External Focus–Act as a public spokesperson as needed for the FASB across a full range of stakeholders including members of Congress, regulatory bodies, investors, accounting firms and international counterparts.


Ideal Experience

To complement and balance the experience and backgrounds of the current FASB members, the ideal candidates will have diverse and varied backgrounds with significant experience at the senior level of the financial reporting profession such as:

  • Experience at the senior level of the financial profession, i.e., a CFO or controller of a large and complex publicly-held global business, senior partner with a global public accounting firm, a senior investment professional, or leader in a financial reporting standard setting or regulatory role.
  • A global perspective with exposure to the financial reporting issues of international companies.
  • Strong and current technical understanding of accounting and financial reporting, with a CPA viewed as a strong asset.
  • Experience working with senior-level professionals and interacting and influencing at the Board level.
  • Demonstrated thought leadership and intellectual engagement.
  • Experience presenting and speaking in front of large audiences of different constituencies.
  • Experience or strong interest in standard setting.
The FAF is committed to diversity and actively seeks nominations of candidates who will provide diverse personal and professional backgrounds and perspectives to the FASB.

Critical Competencies for Success

  • Commitment to the FASB’s Mission–Passion for the Board’s mission, appreciation for the importance of independent standard setting for financial accounting and reporting, recognition that high quality accounting standards are in the public interest and for the protection of investors, understanding of the varying interests and perspectives of investors and other users of financial information, as well as preparers and auditors of financial reports.

  • Technical Skills and Strategic Acumen–Strong knowledge and technical competency in financial accounting and reporting and ability to provide value-added analytical insight and perspectives by:

    • Bringing a strong background of achievement and recognized stature in finance or accounting;
    • Being a highly intelligent, insightful, and rigorous thinker who can understand a broad range of accounting issues and think about both immediate and longer- term implications of standard setting;
    • Having an awareness of the global issues relevant to transparent financial accounting and reporting in the various capital markets worldwide; and
    • Being fact-based and data-driven, demonstrating the ability and willingness to process comprehensive technical materials to analyze related issues and offer sound business judgment.

  • Collaborative Skills and Collegiality–The FASB is a collegial body, characterized by group decision making that requires give and take among the decision makers to arrive at timely, workable solutions in a consensus-driven organization. Members must:

    • Consider varied viewpoints, weighing the evidence presented in an impartial fashion, and reach well-reasoned and supportable decisions in a timely fashion;
    • Put the broader objectives of the FASB above individual philosophies and interests;
    • Be hands-on and engaged, proactively working with colleagues and staff members by maintaining open lines of communication; and
    • Understand how to work effectively, being respectful of one another’s views, and mindful of the need to agree on workable, rather than ideal, solutions.

  • Communication Skills–An articulate communicator who will earn respect and instill confidence by:

    • Having an open and engaged style, possessing a point of view along with the appropriate level of diplomacy and discretion in private meetings with FASB members, in public meetings and in written materials such as accounting standards, speeches, articles, memos and correspondence with stakeholders;
    • Being an active listener who is able to perceive not only what people are saying but why they are saying it;
    • Possessing the ability to interact effectively with a senior and demanding team and a range of interested third parties, such as audit partners and other senior professionals in accounting firms, investors, bankers, industry groups, regulators and other standard-setting organizations; and
    • Being able to operate as part of the external voice of the FASB with appropriate ambassadorial and public speaking skills.

Other Personal Characteristics

  • Uncompromising values, integrity, and character.
  • Understanding the responsibilities required in the role including travel and serving as a spokesperson for standard setting.
  • Open-minded with an eagerness to learn, acquire new skills and improve.
  • Willing to commit to serve in the role for an appropriate period of time.

How to apply:

Persons interested in being considered for the role can email a resume and/or CV to our executive search firm for this search, Heidrick & Struggles, at FASB_Board@heidrick.com by February 28, 2023.