FASB Statement 07-05-22

FASB Chair Statement Remembering Thomas Hoey Jr.

Norwalk, CT—July 5, 2022—FASB Chair Richard R. Jones today issued the following statement regarding the passing of Thomas “Tom” Joseph Hoey Jr., a leader in the accounting and auditing field who played a pivotal role in developing the FASB Accounting Standards Codification®.

“We are saddened by the passing of Tom Hoey. As a consultant to the FASB nearly two decades ago, Tom shared his unique expertise in accounting and technology to design, develop, and successfully launch the FASB Accounting Standards Codification in 2009. His collaboration with former FASB Chairman Bob Herz and former FASB Member Larry Smith to codify decades of GAAP in one authoritative body cements his legacy as one of the most important contributors to U.S. standard setting. His work lives on through the many thousands of stakeholders who use the Codification every day.

“Tom’s colleagues at the FASB will remember him as an outstanding professional and a generous friend. We offer our deepest condolences to his wife Beverly, his daughters Brittany and Kelsey, his mother Kathleen, his brother Robert, and the rest of his extended family during this difficult time.”

Before joining the FASB as a consultant to the Board’s Codification and XBRL projects, Mr. Hoey was a CPA and partner at Arthur Andersen LLP, where he was responsible for directing the global accounting research platform and its external product, Accounting Research Manager. He completed his bachelor’s and master’s degrees at Northern Illinois University in 1980 in accounting and computer science.