Richard G. Sloan, Deloitte and Touche LLP Chair in Accounting and professor of accounting, finance and business economics at USC Leventhal, is one of nine new members appointed to the Financial Accounting Standards Advisory Council (FASAC) by the Financial Accounting Foundation (FAF) Board of Trustees for a one-year term, which began Jan. 1, 2022.
As a member of the FASAC, Sloan will advise the Financial Accounting Standards Board (FASB) on strategic and technical issues, project priorities and other matters that affect standard setting. Established in 1973, the FASB is the independent, private-sector organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP).
“I am honored by this opportunity to represent the academic community on FASAC,” Sloan said. “My research focuses on the role of accounting information in investment decisions, and I look forward to sharing this perspective in the financial accounting standard setting process.”
The FASAC provides the FASB with diverse perspectives from individuals with varied business and professional backgrounds. The new members include executives from KPMG, Morgan Stanley, AT&T and Citigroup; Sloan is the only one selected from the academic community.
“FASAC plays a key role in the standard setting process and, by extension, the efficient functioning of our capital markets,” said Leventhal Dean Bill Holder. “I cannot think of a better choice for membership in this exceptionally important organization. We are, of course, tremendously proud of Richard and celebrate his selection.”