News Release 05/27/20
Hillary H. Salo Named Technical Director of the Financial Accounting Standards Board
Norwalk, CT, May 27, 2020—The Financial Accounting Standards Board (FASB) today announced the appointment of Hillary H. Salo to the role of director of technical activities and chair of the Emerging Issues Task Force (EITF). Ms. Salo will begin her new duties at the FASB in August.
Ms. Salo, who began her accounting career as a FASB postgraduate technical assistant, rejoins the organization from the New York City office of KPMG LLP, where she was a partner in the audit practice and engagement partner for a large global financial services organization.
Her KPMG career began in 2004 when she joined the company as a senior associate in the Chicago office. For the next nine years, she worked in both the Chicago and New York offices of KPMG, spending time in both the accounting advisory services group and the audit quality and professional practice group.
Ms. Salo also served as a professional accounting fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington DC from 2013—15, and then returned to KPMG in New York City in 2015 as a partner.
Ms. Salo earned her undergraduate degree in business administration and her master of accountancy at the University of North Carolina at Chapel Hill.
“I’m very pleased to welcome Hillary Salo back to Norwalk as our next director of technical activities and chair of the Emerging Issues Task Force,” said FASB Chairman Russell G. Golden. “Her exemplary career as a public accountant and her deep knowledge of the broader financial reporting landscape will serve the organization well as she takes on this important leadership role.”
“Hillary Salo is an outstanding accountant and a proven leader,” said incoming FASB Chair Richard R. Jones. “The next several years will be a time of significant activity and change for the FASB and our stakeholders, and Hillary will play a central role in shaping all our major initiatives.”
“I am honored by the opportunity to return to the FASB and to serve FASB stakeholders as director of technical activities and chair of the Emerging Issues Task Force,” Ms. Salo said. “The independent standard-setting process is a priceless asset to our capital markets and to investors and all users of financial information. I look forward to the challenge of supporting the FASB and leading the technical staff in the years ahead.”
Mr. Jones and Mr. Golden both thanked Shayne B. Kuhaneck for his interim leadership of the FASB technical staff for the past year. Mr. Kuhaneck will assume the role of deputy director of technical activities and be a key member of FASB’s leadership team.
About the Financial Accounting Standards BoardEstablished in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.