FAF Appoints Two New FASB Members, Reappoints Golden to Second Term as Chair

By:
Chris Gaetano
Published Date:
Nov 16, 2016
FAF

The Financial Accounting Foundation (FAF) has appointed two new members to the Financial Accounting Standards Board (FASB), and reappointed current chair Russell Golden to his second term. The two new members are Marsha L. Hunt and Harold L. Monk Jr. 

Hunt, currently a member of the Financial Accounting Standards Advisory Council, is vice president and corporate controller at Cummins Inc., where she manages Sarbanes-Oxley Act compliance, external reporting, consolidation, finance systems, accounting policy, government contract compliance and accounting functions. She also is responsible for the insurance risk management function. Hunt’s term will begin on July 1, 2017 and conclude on June 30, 2022, when she will be eligible for appointment to an additional term of five years. She will succeed Lawrence W. Smith, who joined the FASB in July 2007 and whose second and final term concludes on June 30, 2017.

Monk, a CPA currently a serving on the Private Company Council, is a partner with Carr, Riggs & Ingram, LLC, where he provides auditing and attestation, accounting, tax, forensic accounting, and M&A services to businesses of all sizes in various industries.  He is also the former chair of the AICPA's Auditing Standards Board, and of the AICPA's Private Companies Practice Section. Monk’s term will begin on January 1, 2017 and conclude on June 30, 2022, when he will be eligible for appointment to an additional term of five years. He will succeed Daryl E. Buck, who joined the FASB in February 2011 and will retire from the FASB on December 31, 2016. Mr. Monk also will succeed Mr. Buck in serving as FASB liaison to the Private Company Council. 

“Marsha and Harold will bring unique experience and perspectives to the FASB’s deliberation of critical financial reporting issues—Marsha as the corporate controller of a publicly traded company, and Harold as an auditor of public and private companies,” said Charles H. Noski, chairman of the FAF Board of Trustees. “On behalf of the Trustees, I look forward to their contributions to the FASB’s mission of establishing and improving financial accounting and reporting standards.”

Golden was first appointed to the board in 2010, having previously served as the FASB's technical director, and became the chair in 2013. His first term as chairman extends to June 30, 2017, and his second and final term concludes on June 30, 2020.

“I am honored to continue to serve as chairman of the FASB alongside my distinguished colleagues. Together, we will continue to ensure that our standards provide investors and other financial statement users with the information they require to make good decisions," said Golden. 

Click here to see more of the latest news from the NYSSCPA.