FASB Appoints Hillary H. Salo as Next Chair
The Financial Accounting Standards Board (FASB) announced the appointment of Hillary H. Salo as its next chair, succeeding Richard Jones on July 1, 2027. Salo will serve a seven-year term until June 30, 2034. A former KPMG audit partner and long-time FASB contributor, she rejoined the organization in 2020 as technical director before becoming vice chair in 2024. Salo is expected to bring continuity to financial reporting standards due to her deep experience within the FASB. She will be only the second woman to lead the board since its founding in 1973, following Leslie Seidman from 2010–2013. CFO Alliance CEO Nick Araco Jr. noted that Salo’s leadership is predictable and beneficial for long-term compliance planning. The FASB has faced political pressure recently regarding new accounting rules on crypto assets and income tax disclosures. While Salo's background at a Big Four firm does not signal easier GAAP standards, she may focus more on cost considerations during rulemaking.