Dive Brief:

• The Financial Accounting Standards Board appointed Hillary H. Salo as its next chair, succeeding Richard Jones on July 1, 2027 and serving for a term that ends June 30, 2034, according to a Tuesday release. 
• Salo, a former KPMG audit partner, rejoined the U.S. accounting standards setter in 2020 to serve as technical director before joining the board in July 2024 to serve as vice chair. Earlier in her career, she served as a FASB postgraduate technical assistant. 
• Jones, a former Ernst & Young partners who began his seven-year term as the FASB’s eighth chair on July 1 of 2020, expressed his support for his successor. “I couldn’t be happier for the financial reporting community and Hillary on her appointment.  Hillary is a highly respected leader whose experience, credibility, and sound judgment have earned the confidence of the financial reporting community,” Jones said in a statement in the release.  

Dive Insight:

The leadership change comes as the FASB has faced pressure from lawmakers to rescind income tax rules and to address new accounting rules for the emerging crypto market. 

This is a developing story. Read more on our website for live updates.