The Financial Accounting Foundation’s (FAF) board of trustees has appointed David Sullivan as the new chair of the Financial Accounting Standards Advisory Council (FASAC).
Effective 1 January 2026, Sullivan will lead FASAC in advising the Financial Accounting Standards Board (FASB) on strategic and technical matters, project priorities, and other standard-setting issues.
Sullivan will replace Michael Morrow, who has been a part of FASAC since 2019 and served as chair since 1 January 2020.
Morrow will conclude his tenure in December 2025.
Currently, Sullivan is a member of the Public Interest Oversight Board (PIOB), which oversees the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).
He also serves on the audit quality boards of RSM USA and CBIZ CPAs.
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By GlobalDataSullivan retired from Deloitte in 2021 after more than 35 years, having held various roles, including the global firm’s audit and assurance quality leader.
His experience spans technology, software, retail, manufacturing, and automotive industries, where he served as a lead client and advisory partner.
FAF board of trustees chair Edward Bernard said: “Dave is a well-respected thought leader, with extensive experience working with large public companies, as well as emerging growth companies and companies preparing for an initial public offering. We are delighted to have Dave step into this role.”
FASB chair Rich Jones said: “Dave brings a strategic viewpoint with a keen awareness of the essential role of financial reporting, along with a broad understanding of all aspects of the financial reporting ecosystem. He is well positioned to lead the FASAC and to help navigate the issues brought to the council.”
The FASB, established in 1973 and based in Norwalk, Connecticut, is an independent, private-sector organisation that sets financial accounting and reporting standards for public and private companies and not-for-profit organisations following generally accepted accounting principles.
In January 2025, the FAF board of trustees announced that they were accepting nominations for several leadership roles, including the chair and members of the board of trustees, the executive director of FAF, a member of the FASB, and the chair of the FASAC.
