The Financial Accounting Foundation has announced the appointment of two new board members to the Financial Accounting Standards Board: Marsha L. Hunt and Harold L. Monk Jr.. Hunt, vice president and corporate controller at Cummins Inc., will begin her term on the FASB board on July 1, 2017, succeeding current Board member Larry Smith. Monk, a partner with Carr, Riggs & Ingram, LLC, will begin his term on January 1, 2017, succeeding current Board member Daryl Buck.
The FAF concurrently announced the reappointment of Russell Golden as Chair of the FASB Board. Golden joined the FASB board in 2010 after serving as Technical Director of the U.S. accounting standard-setter, and was appointed to his first term as Chair on July 1, 2013. His second term will end on June 30, 2020.
Hunt, appointed VP and Corporate Controller of Cummins, Inc., in July, 2003, currently serves on a key advisory board to the FASB: The Financial Accounting Standards Advisory Council (FASAC), and has been an active member of Financial Executives International’s Committee on Corporate Reporting (CCR). Hunt’s wide-ranging responsibilities at Cummins, Inc. include overseeing 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.
Monk, a Partner at Carr Riggs & Ingram, a CPA and Advisory firm – described by his firm as ‘the CPA profession’s equivalent of a rock star’ – serves on another key advisory committee of the FASB – the Private Company Council (PCC). The appointment of Monk as successor to Buck – who provided particular expertise in the private company arena, was closely watched. Golden reassured CPAs at an AICPA conference earlier this year that, “Daryl’s departure from the Board will not diminish our commitment to serving private company stakeholders.”
Read more in the FAF’s press release.
SEC Chair to Step Down
In related news, Mary Jo White, Chair of the U.S. Securities and Exchange Commission, announced she intends to leave the Commission at the end of President Barack Obama’s term. A successor will be nominated by President-Elect Donald Trump after his inauguration; Trump can either appoint a current Commissioner as Chair, or can appoint a new Commissioner; the U.S. Senate votes to confirm new Commissioners to the SEC. Read more in the SEC’s press release. The Wall Street Journal also reported on this development, in, SEC Chairman White to Leave Agency, Leaving Door Open to Conservative Shift.