🚀David M. Sullivan Takes the Helm as New FASAC Chair

Acclara AI•May 21, 2025

In a leadership shuffle, David M. Sullivan has been appointed as the new chair of the Financial Accounting Standards Advisory Council, effective January 1, 2026. Sullivan brings a wealth of experience from his time at Deloitte and other advisory roles.

Audio content: David M. Sullivan Takes the Helm as New FASAC Chair

Download audio

Key Points

•📅 Mark Your Calendar: Sullivan starts his role on January 1, 2026
•🔄 Leadership Change: Succeeds Michael M. Morrow, who has chaired since January 2020
•🌍 Global Experience: Sullivan served in various leadership roles at Deloitte, including global Audit & Assurance Quality Leader
•🧩 Diverse Expertise: Held advisory positions at RSM USA LLP and CBIZ CPAs
•💬 What They’re Saying: FAF Board of Trustees Chair Edward Bernard calls Sullivan 'a well-respected thought leader'

🔍 The Big Announcement

The Financial Accounting Foundation (FAF) has named David M. Sullivan as the new chair of the Financial Accounting Standards Advisory Council (FASAC), starting January 1, 2026. This announcement marks a significant leadership change in the financial accounting world.

Sullivan brings with him a treasure trove of experience from his tenure at Deloitte, where he served in multiple leadership roles, including the global firm’s Audit & Assurance Quality Leader. He succeeds Michael M. Morrow, who has been at the helm since January 2020.

🌍 A Global Perspective

Sullivan’s background is as diverse as it is impressive. He currently serves on the audit quality boards of RSM USA LLP and CBIZ CPAs, and is a member of the Public Interest Oversight Board (PIOB), which oversees international auditing and ethics standards.

"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," said FAF Board of Trustees Chair Edward Bernard.

📚 The FAF and Its Mission

Founded in 1972, the Financial Accounting Foundation is responsible for the oversight, administration, and financing of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). These boards set the Generally Accepted Accounting Principles (GAAP) that companies and organizations in the U.S. follow.

The FASB focuses on standards for public and private companies and not-for-profits, while the GASB sets standards for state and local governments. The FAF ensures that these boards operate independently and effectively.

🏛️ Sullivan’s Storied Career

After more than 35 years with Deloitte, Sullivan retired in 2021 but not before making a significant impact. He was a lead client and advisory partner in the technology, software, retail, manufacturing, and automotive industries. Sullivan’s strategic viewpoint and broad understanding of the financial reporting ecosystem make him an ideal candidate for this new role.

FASB Chair Rich Jones commented, "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."