News Release 12/1/16

FAF TRUSTEES NAME FOUR NEW MEMBERS TO THE GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL


Norwalk, CT, December 1, 2016—The The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of four new members to the Governmental Accounting Standards Advisory Council (GASAC).

In addition to the new appointees, the FAF Trustees reappointed Robert Scott as GASAC chairman, a position he has held since June 1, 2015.

The newly appointed members and the stakeholder organizations that nominated them are:
  • Alan Conroy, executive director, Kansas Public Employees Retirement System, nominated by the Council of State Governments
  • Karen Krop, senior director, Fitch Ratings, nominated by a bond rating agency
  • Sue Osborn, mayor, City of Fenton, Michigan, nominated by the National League of Cities
  • Larry Stafford, audit services manager, Clark County, Vancouver, Washington, nominated by the Association of Local Government Auditors.
Each of the new appointees will serve two-year terms beginning January 1, 2017, and are eligible to be reappointed for up to two additional consecutive terms.

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.

The 31 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 based on their professional expertise and the depth and variety of experience they bring to their work on the Council.

In addition to the new appointees, the FAF reappointed 10 current members of the GASAC to two-year terms:
  • Wayne Gerhold, National Association of Bond Lawyers
  • Brian Green, Healthcare Financial Management Association
  • Demetria Hanna, U.S. Bureau of the Census
  • Shirley Hughes, International City/County Management Association
  • James Lanzarotta, American Institute of Certified Public Accountants
  • Mark Pepera, Association of School Business Officers Association
  • Tasha Repp, Native American Finance Officers Association
  • Robert Reardon, insurance industry investors
  • Robert Scott, Government Finance Officers Association, and
  • Gil Southwell, National Federation of Municipal Analysts.
Three GASAC members—Perry James, Amanda Noble, and Teri Wenck—will complete their service at the end of December 2016.

“We extend a warm welcome to Alan, Karen, Sue, and Larry,” said Mr. Scott. “The broad and diverse experience in public sector financial reporting they bring to the GASAC will not only better inform our process but will enrich the input and feedback the council provides to the GASB. We extend our thanks to Perry, Amanda, and Teri for their service on the GASAC—and for working to help improve accounting and financial reporting for all GASB stakeholders.”

“The FAF and the GASB are very pleased to welcome the new GASAC members,” said FAF President and CEO Teresa S. Polley. “We know their insights and contributions will be vital to informing the standard-setting process for state and local governments.

“Finally, we are delighted to announce that Robert Scott will be continuing in his role as GASAC chairman,” Ms. Polley continued. “The GASB process has already benefited greatly from his leadership and management of the council and we wish him continued success in that role.”

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 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.