Guest Columnist Terri Polley, FAF President and CEO

Recruitment Season Is Here: Do You Have What It Takes?


Steve Jobs once said, "In order to do things well, that can't be done by one person, you must find extraordinary people."
 
Steve Jobs once said, "In order to do things well, that can't be done by one person, you must find extraordinary people."

Finding extraordinary people to appoint to the Financial Accounting Standards Board (FASB), the Financial Accounting Standards Advisory Council (FASAC), and the Private Company Council (PCC), is one of the most important roles of the Financial Accounting Foundation (FAF) Board of Trustees.

It’s a significant responsibility, and one that requires us to continually improve and enhance how we attract top-quality talent. It’s especially important because all our Board and advisory group members have term limits. This is deliberate and ensures the widest range of views are considered throughout the standard-setting process.

As a FASB stakeholder, you have a role in this process as well. That’s why I’d like to share with you a brief overview of how we search for extraordinary candidates, what skills and backgrounds we look for and, perhaps most important, how you can help us find extraordinary people.
 

Casting a Wide Net


Our recruiting efforts typically span a broad number of stakeholder groups. These groups are excellent sources of strong candidates because their members tend to be:
 
  • Acquainted with the organization and its mission
  • Actively engaged in the accounting standard-setting process, and
  • Familiar with requirements and demands of the various roles.
To ensure our search is open to as wide and diverse a pool of candidates as possible, for certain searches, we partner with leading executive search firms. This helps make our search process more efficient and effective and broadens the network of possible candidates. 
 
The FAF launched a webpage that describes the types of backgrounds, skills, and characteristics we look for in potential candidates.

Additionally, the FAF launched a webpage that describes the types of backgrounds, skills, and characteristics we look for in potential candidates. You can visit the page to find more information about open positions (including current FASB member and FASAC member opportunities).
 

Extraordinary Qualities We Seek


The Trustees strive to ensure that the FASB, FASAC, and PCC comprise a balance of perspectives.

We seek professionals who have a commitment to the mission of our organization and to serving in the public interest. Successful candidates must also demonstrate uncompromising values, integrity, and character.

While technical proficiency in accounting is important, we’re looking more broadly for candidates who are open-minded, independent thinkers who can contribute to group consensus building and decision making.

They must also be willing to consider and balance the varying (and sometimes conflicting) interests and perspectives of financial statement users, preparers, and auditors. Candidates need to be good communicators and good listeners, with the ability to build relationships and interact with a wide range of stakeholders.

In certain circumstances, a specific skillset or background can provide immense value to the standard-setting process. For example, as part of our search for a new FASB member, we’re looking for someone with:
  • Experience at the senior level of the financial reporting profession
  • Substantive career experience as a preparer (such as a CFO or controller) or auditor of financial statements of private companies of varying sizes
  • Strong, broad, and current technical understanding of generally accepted accounting principles (GAAP) as applicable to private companies, public companies, and not-for-profit organizations, with a CPA viewed as a strong asset. 
The best accounting standards emerge in an environment where people can apply their professional expertise and share their diverse points of view.

We Need Your Help


The best accounting standards emerge in an environment where people can apply their professional expertise and share their diverse points of view. That’s why the FAF Board of Trustees is never “finished” looking for ways to attract extraordinary people.

But we can’t be successful without your involvement and input. If you know someone you think would be a great fit for the FASB or its advisory groups, please let us know!