The Financial Accounting Standards Board on Thursday announced the appointment of Richard Jones to succeed Russell Golden as chair of the accounting rulemaker.
Jones was appointed by the Board of Trustees of the Financial Accounting Foundation (FAF). He’ll take over the position effective July 1, 2020—the day after Golden’s term expires.
Jones is expected to join FASB in early 2020 in order to help facilitate a smooth transition to the chair role.
“Rich Jones brings together all of the important qualities we were looking for in FASB’s next leader,” said FAF Chairman Charles H. Noski in a news release. “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. He lives our values and our mission in every respect and will serve with distinction.”
Jones is currently chief accountant and partner at EY. He has spent his entire accounting career at the Big Four firm, first joining in 1987 as assurance staff and senior manager, a position he held until 2000.
Jones was promoted to assurance partner in 2000; was named director, consultations in 2008; and assumed his current post in 2014.
Jones previously served on the Financial Accounting Standards Advisory Council from 2016 to 2018 and also spent a handful of years as a member of the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants (AICPA) from 2003–2008.
“I am both excited and humbled by this opportunity,” Jones said in the release. “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.”
Golden has served as chair for two terms beginning in 2013, overseeing a notable time of change at FASB. New standards on lease accounting, revenue recognition, and credit losses are among key points of focus in the current landscape, and Golden said in a speech earlier this month that he hopes to make strides on liabilities and equity, LIBOR reform, and accounting for goodwill before the end of his term.
“I want to offer my heartfelt thanks to all the members of the FASB and FASB staff I’ve worked with over the years,” Golden said toward the end of his speech at an AICPA conference. “These are all dedicated professionals who get up every day to support our mission to improve information for our capital markets.”