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One of the most influential figures in accounting announced his upcoming retirement in 2025. John W. Auchincloss said he would step down as executive director of the Financial Accounting Foundation on Sept. 30, according to a press release from the nonprofit.
The new FAF leader will take over Auchincloss’s role overseeing, running, funding, and appointing the leaders of the Financial Accounting Standards Board and Governmental Accounting Standards Board, which set US standards for the private and public sectors, respectively.
The Securities and Exchange Commission relies on FASB standards for its oversight of public companies and state accountancy boards, and the AICPA also treats FASB standards as an authority, according to the FAF.
At its head since 2019, Auchincloss reset the FAF’s strategy and made its oversight role more transparent, the press release said.
Auchincloss, a former general counsel for the nonprofit asset manager Commonfund, became FAF’s general counsel in 2016. He became its acting executive director in 2019 and its permanent head in 2020.