Editing Financial Accounting Standards Board (section)

== Structure ==
The FASB is based in [[Norwalk, Connecticut]], and is led by seven full-time Board members,<ref name="Spiceland">Spiceland, David; Sepe, James; Nelson, Mark; & Tomassini, Lawrence (2009). ''Intermediate Accounting'' (5th Edition). [[McGraw Hill|McGraw-Hill/Irwin]]. p. 10. {{ISBN|978-0-07-352687-4}}.</ref> one being the chairman, appointed by the [[Financial Accounting Foundation]] (FAF) to serve five-year terms and are eligible for one term reappointment.<ref name="FASB Facts">Financial Accounting Standards Board (2014). [http://www.fasb.org/facts/ Facts About FASB]. Retrieved on May 6, 2014.</ref>

The qualifications to serve on the FASB include professional competence and realistic experience from professions like financial reporting, investment services, and financial planning. Board members also come from sectors such as academia, business, and legal, or government agencies.<ref>{{Cite news|url=http://smallbusiness.chron.com/qualifications-financial-accounting-standards-board-members-20711.html|title=What Are the Qualifications for the Financial Accounting Standards Board Members?|access-date=2017-10-06|language=en}}</ref><ref name="Membership">{{Cite web|url=https://www.iasplus.com/en-us/resources/faf/fasb-board-membership|title=FASB Board membership|website=www.iasplus.com|language=en-us|access-date=2017-10-06}}</ref>

FASB board members, as of February 22, 2023:<ref>{{Cite web |title=Board Members |url=https://www.fasb.org/Page/PageContent?PageId=/about-us/boardmembers.html |access-date=2023-02-22 |website=www.fasb.org}}</ref>
{| class="wikitable"
!Member
!Term Expiration
|-
|Richard R. Jones, Chairman
|1st term expires in 2027
|-
|James Kroeker, Vice Chairman
|2nd term expires in 2024
|-
|Christine Botosan
|2nd term expires in 2026
|-
|Marsha Hunt
|2nd term expires in 2027
|-
|Susan Cosper
|1st term expires in 2024
|-
|Frederick Cannon
|1st term expires in 2026
|-
|Gary Buesser
|1st term expires in 2023
|}
The board is supported by more than 60 staff.<ref name="Membership" />

In December 2019, FAF board of trustees announced that Richard Jones would succeed Russell Golden as FASB's chair when his term expired at the end of June 2020.<ref>{{Cite web|url=https://www.journalofaccountancy.com/news/2019/dec/ey-richard-jones-to-succeed-golden-as-fasb-chair-201922686.html|title=EY's Jones to succeed Golden as FASB chair|date=2019-12-19|website=Journal of Accountancy|access-date=2020-03-03}}</ref>

=== Oversight ===
The FASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the FASB and the [[Governmental Accounting Standards Board]] and funds both organizations.<ref>{{cite web |title=Overview |url=http://www.fasb.org/faf/faf_info.shtml |website=www.fasb.org |access-date=16 July 2018}}</ref> The Board of Trustees of the FAF is selected by a nomination process that involves several organizations from investing, accounting, business, financial, and governmental sectors, but are ultimately selected by the existing Board. The selection process was amended as such in 2008 to reduce private sector influence on the Board of Trustees and its oversight of the FASB and GASB.<ref>{{cite news |title=FASB trustees approve major structural changes |url=https://www.iasplus.com/en/news/2008/February/news3974?id=en:rss:direct |website=www.iasplus.com |access-date=16 July 2018 |language=en}}</ref><ref name="Polley">{{cite web |last1=Polley |first1=Terry |title=From the President's Desk - Independence Day Special Issue |url=https://accountingfoundation.org/jsp/Foundation/Page/FAFSectionPage&cid=1176160620987 |website=accountingfoundation.org |access-date=16 July 2018}}</ref>