News Release 05/22/15

FAF NAMES ROBERT W. SCOTT AS CHAIRMAN OF GASAC;
APPOINTS NEW GASAC AND FASAC MEMBERS


Norwalk, CT—May 22, 2015—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert W. Scott, director of finance for the city of Brookfield, Wisconsin, as Chairman of the Governmental Accounting Standards Advisory Council (GASAC).

The FAF also announced the appointments of new members to the GASAC and the Financial Accounting Standards Advisory Council (FASAC).

Mr. Scott succeeds Martin J. Benison, former comptroller of the Commonwealth of Massachusetts, who resigned as GASAC chairman and member on May 1, 2015 to pursue opportunities in the private sector. Mr. Scott has served on the GASAC as a representative of the Government Finance Officers Association (GFOA) since January 1, 2011. His term as chairman commences on June 1, 2015 and will extend through December 31, 2016.

“The FAF and the GASB welcome Robert Scott to his new role. He brings a wealth of experience in public-sector financial reporting to the GASAC, and we are pleased that he has agreed to serve in the role of chairman,” said FAF President and CEO Teresa S. Polley. “We also thank Martin Benison for his tireless commitment as GASAC chairman in helping the GASB improve financial reporting for state and local governments.”

The GASAC is responsible for advising the Governmental Accounting Standards Board (GASB) on technical issues, project priorities, and other matters that affect standard setting for accounting and financial reporting by state and local governments. Members of the GASAC represent a cross-section of the GASB’s state and local government stakeholders, including users, preparers, and auditors of financial information. GASAC members are selected on the basis of their professional expertise and the depth and breadth of experience they bring to their work on the Council.

The FAF also appointed Alan Skelton, state accounting officer of the state of Georgia to serve as a member on the GASAC. Mr. Skelton was nominated by the National Association of State Auditors, Comptrollers and Treasurers (NASACT) to replace Mr. Benison. Mr. Skelton’s term commences on June 1, 2015 and will extend through December 31, 2015.

The FAF also announced that John Morriss, managing director and head of fixed income research for Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), was appointed to the FASAC. Mr. Morriss’s term commences on June 1, 2015 and will extend through December 31, 2015.

The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on strategic issues, project priorities, and other matters that affect accounting standard setting. Members of the FASAC are chosen from a cross-section of the FASB’s stakeholders, including users, preparers, practitioners, association members, academics, and other parties interested in the integrity of full and complete financial reporting and disclosures.

“We are pleased to welcome our new GASAC and FASAC members, and look forward to their input on important standard-setting issues,” Polley added.


About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.

About the Financial Accounting Standards Board

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.

About the Governmental Accounting Standards Board

Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. For more information, visit www.gasb.org.