The board of trustees of the Financial Accounting Foundation (FAF) announced on Thursday that it had appointed Richard R. Jones as the next chair of the Financial Accounting Standards Board (FASB).

Jones is chief accountant and a partner at Ernst & Young LLP (EY), having spent his entire career at the Big Four firm. In his role at EY, he helps the firm’s clients and engagement teams understand accounting requirements, develops the firm’s views on proposed accounting standards, and oversees EY’s accounting publication efforts across all sectors.

Richard R.. Jones, incoming chair of FASB

Said Jones: “I am both excited and humbled by this opportunity. 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.”

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 to 2008.

Jones is the first EY executive to be appointed to a full term as FASB chair since Dennis Beresford left EY and took the helm in 1987. Russell Golden, who is stepping down when Jones takes over on July 1, 2020, was a Deloitte partner before joining the FASB staff. He has served since 2013.

The incoming chairman will serve a seven-year term with no option for renewal, according to FAF rules.

“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.”

The FAF is an independent, private-sector, not-for-profit organization responsible for the oversight, administration, financing, and appointments of FASB and the Governmental Accounting Standards Board (GASB).

, , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *