Marsha Hunt and Harold Monk were appointed to FASB on Tuesday by the Financial Accounting Foundation (FAF), which also reappointed Russell Golden to a second term as FASB’s chairman and named four new members to the Private Company Council (PCC).
Hunt is vice president–corporate controller at publicly traded manufacturer Cummins Inc., in Columbus, Ind. She is a CPA serving on FASB’s Financial Accounting Standards Advisory Council and will bring an industry perspective to the board, having previously served as assistant controller and director of accounting at Corning. She will begin her five-year term on July 1, 2017, succeeding Larry Smith.
Monk also is a CPA and has served as chairman of the AICPA Auditing Standards Board and the AICPA Private Companies Practice Section, and as a member of the AICPA board of directors. He helped found the firm Davis, Monk & Co., which merged with Carr, Riggs & Ingram LLC in 2010. He will begin his term on Jan. 1, concluding on June 30, 2022, and will succeed Daryl Buck. Monk also will succeed Buck as FASB’s liaison to the PCC, which Monk currently serves as a member.
Hunt and Monk will be eligible for additional five-year terms when their initial terms are completed.
Golden, who began his first term as FASB’s seventh chairman in 2013, has led the board as it has issued new standards on revenue recognition, leases, credit losses, and not-for-profit financial reporting. He also has overseen a simplification project that has aimed to decrease complexity for financial statement preparers without sacrificing the quality of information for investors.
“Over the past three years, Russ has done an exceptional job at the helm of the FASB, which has tackled significant accounting matters and finalized major standards in a number of key areas,” FAF board of trustees Chairman Charles Noski said in a news release.
Golden’s final term as chairman will end June 30, 2020.
New PCC members
FAF also appointed four new members to the PCC for three-year terms that will begin Jan. 1. The PCC’s new members are:
- Beth van Bladel, director of CFO for Hire LLC.
- David Hirsch, vice president, finance, at Pritzker Group Private Capital.
- Richard Reisig, shareholder and technical director, attest services, at Anderson ZurMuehlen & Co. PC.
- Yan Zhang, partner at EisnerAmper LLP.
They replace Monk, who is departing to take his FASB post; and George Beckwith, Thomas Groskopf, and Carleton Olmanson, whose terms are ending. Reisig and Zhang are practitioners; van Bladel is a preparer, and Hirsch is a financial statement user.
“Their diverse backgrounds and deep understanding of issues that affect private companies will provide valuable perspectives to the PCC and the FASB,” FAF Trustee Diane Rubin said in a news release.
Change in oversight of PCC
Meanwhile, oversight responsibility for the PCC will transfer on Jan. 1 from the FAF trustees’ Private Company Review Committee (PCRC) to the trustees’ Standard-Setting Process Oversight Committee.
With its oversight duties finished, the PCRC will be disbanded at the beginning of next year.
—Ken Tysiac (email@example.com) is a JofA editorial director.