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Earlier this week, the Board of the Financial Accounting Foundation (FAF) named Hillary H. Salo as the next chair of the Financial Accounting Standards Board (FASB), the organization that establishes financial accounting and reporting standards for companies that follow GAAP (and is recognized by the SEC as the designated accounting standards setter for public companies). Succeeding Richard R. Jones, whose term concludes June 30, 2027, her term as chair will begin July 1, 2027, and conclude June 30, 2034. The announcement notes that Ms. Salo is a former KPMG Partner and currently serves as vice chair of the FASB and chair of the Emerging Issues Task Force.

Throughout her career, Ms. Salo has advanced high-quality financial reporting through roles as a standard setter, audit partner, regulator, and advisor. Since rejoining the FASB as technical director in 2020, she has played a central role in shaping and advancing the Board’s priorities and strengthening its engagement with stakeholders. Previously, she was an audit partner at KPMG LLP and held roles in the firm’s audit quality and professional practice and accounting advisory services groups.

Ms. Salo also served as a professional accounting fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC). She began her career as a FASB post-graduate technical assistant after graduating with an undergraduate degree in business administration and a master’s degree in accountancy from the University of North Carolina at Chapel Hill.

At the same time, the Board of Trustees issued a call for nominations to fill the FASB member vacancy created by Ms. Salo’s appointment and noted that it is continuing its search for a FASB member to fill the vacancy that will be created by the expiration of Marsha Hunt’s second term on June 30, 2027.

– Meredith Ervine