News Release 05/14/18
Harold Monk Steps Down From Financial Accounting Standards Board
Norwalk, CT, May 14, 2018—Harold Monk, a member of the Financial Accounting Standards Board (FASB), has informed the Trustees of the Financial Accounting Foundation (FAF) that he intends to resign from the FASB, citing personal reasons. The resignation takes effect May 31, 2018.
Mr. Monk was appointed to the FASB by the FAF Trustees in November 2016, and officially joined the board on January 1, 2017. Prior to his FASB appointment, Mr. Monk was a partner with Carr, Riggs & Ingram LLC, providing auditing and attestation, accounting, tax, forensic accounting, and M&A services to businesses of all sizes in various industries.
“My service on the FASB stands as a career highlight and a great source of pride,” said Mr. Monk. “I am grateful to my fellow board members and to the FASB staff for making my time in Norwalk so rewarding.”
“Harold has been an insightful advocate for private company stakeholders during his service on the FASB,” commented FASB Chairman Russell Golden. “We wish him well and thank him for his contributions to our work.”
“The Financial Accounting Foundation Trustees acknowledge Harold’s service to the organization and his longstanding leadership in the accounting profession,” said Charles Noski, Chairman of the FAF Board of Trustees.
Mr. Noski added that the FAF Trustees will soon begin a formal search to identify and appoint Mr. Monk’s successor. The FASB will operate with six members in the meantime.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.