Standards That Work For Everyone

Advisory Groups

Advisory and other groups provide critical input to the FASB and the GASB. Complete membership rosters for each group are available by clicking on the icons below. View All

We listened and we heard you. 2019 was a listening year, and we had a great response to our efforts to get people involved in the process.

Our service to you is inclusive, and we keep our integrity in the standard-setting process by remaining independent.

SUPPORTING THE BOARDS THAT SET STANDARDS THAT WORK: FAF

The Financial Accounting Foundation (FAF) is responsible for providing strategic counsel and services that support the work of the standard-setting Boards, the Financial Accounting Standards Boards (FASB) and the Governmental Accounting Standards Boards (GASB). The FAF Trustees provide oversight and promote an independent and effective standard-setting process allowing the FASB and GASB to establish and improve financial accounting and reporting standards, provide useful information to investors and other users of financial reports, and educate stakeholders on how to most effectively understand and implement those standards.

“As we look to the future, there is much that we cannot predict. What I do know is that the FASB, the GASB, and the FAF Board of Trustees will strive to provide the highest level of support and commitment to all our stakeholders during these challenging and uncertain times.”
KATHLEEN L. CASEY, FAF CHAIR

HOW THE FASB AND GASB WORK TOGETHER

Better Together: How the FASB and the GASB Collaborate

Editor’s Note: For this, their last FAF annual report, FASB Chairman Russ Golden and GASB Chairman Dave Vaudt teamed up to provide a look at how the FASB and the GASB work in tandem to develop the highest-quality standards for their respective stakeholders.

We’ve often talked about the importance of outreach and research
to standard setting. Regular readers of our
FASB Outlook and GASB Outlook columns know that the FASB and the GASB go to great lengths to learn as much as possible from our stakeholders about the potential impact of our decisions.

What’s not as obvious is how the FASB and the GASB work together to share research and knowledge on issues of mutual interest. When we collaborate, we often obtain fresh perspectives on effective approaches to standard-setting problems.

Granted, the FASB and the GASB are very different. The Boards were created at different times for different purposes to serve different stakeholders. The FASB was established in 1973 to serve public companies, private companies, and private sector not-for-profit organizations. The GASB was established in 1984 to serve U.S. state and local governments.

“What we do share is a strong commitment to develop standards that help deliver relevant information to citizens and the capital markets. And we leverage our differences to our advantage.”

What we do share is a strong commitment to develop standards that help deliver relevant information to citizens and the capital markets. And we leverage our differences to our advantage. The GASB, for example, has frequently looked to its sister Board’s longer history of standard setting to inform its approach to similar issues. Likewise, the FASB has often drawn on the GASB’s work to leverage new ways to improve existing standards that may not have been considered when those standards were first developed.

How We Collaborate

Collaboration between the FASB and the GASB is nothing new. They have engaged, to varying degrees, on projects since the day the GASB was created. When we first became chairmen of our respective Boards in 2013, we pledged to step up that engagement.

Each week, we consult as chairmen on key areas the Boards are currently addressing to see if there are opportunities to share research or knowledge. The FASB and GASB technical directors also meet regularly to keep each other informed of priority issues.

“Members of each Board possess diverse perspectives based on their areas of expertise, and differences between the public and private sectors are significant.”

At the project team level, staff members of one Board are routinely assigned to monitor a project the other Board is working on, attend Board meetings when that topic arises, and periodically attend scheduled team meetings to learn about the future course of the project and share information about their own Board’s perspective.

Leveraging Expertise and Resources

Over the years, the FASB and the GASB have worked closely on standards for pensions and other postemployment benefits, accounting for leases, and fair value measurement and application. In each case, we’ve shared research and insights to supplement work in progress by the FASB and GASB staffs.

For example, we worked together to develop accounting relief guidance for our respective stakeholders as capital markets transition away from the London Interbank Offered Rate to other reference rates.

“Each week, we consult as chairmen on key areas the Boards are currently addressing to see if there are opportunities to share research or knowledge.”

We’ve also joined forces to educate stakeholders. In recent years FASB and GASB have launched a series of joint educational webinars. Last fall, for example, we hosted a CPE program tailored to academics interested in non-for-profit and governmental accounting.

More recently, the Boards have been in close communication on how to provide accounting relief and clarity to stakeholders dealing with the impact of the COVID-19 pandemic.

Different Conclusions, Same Objective

It is important to note that the Boards are independent standard setters. As such, we may—and often do—reach different conclusions. Members of each Board possess diverse perspectives based on their areas of expertise, and differences between the public and private sectors are significant.

But while we may reach different conclusions, we aim for the same objective: standards that deliver relevant information to a wide range of capital market stakeholders. And the more research, knowledge, and information we share, the better equipped we are to develop standards that achieve that objective.

When our terms conclude on June 30, 2020, we’ll pass the torch to incoming chairmen Rich Jones (FASB) and Joel Black (GASB). They’ll put their own stamp on the Boards’ pursuit of continuous improvement, and will undoubtedly continue the spirit of cooperation, dialogue, and collaboration that have become the hallmarks of our Boards. We encourage you to support them through your continued interest and involvement in the standard-setting process.

“But while we may reach different conclusions, we aim for the same objective: standards that deliver relevant information to a wide range of capital market stakeholders. And the more research, knowledge, and information we share, the better equipped we are to develop standards that achieve that objective.”

Thank You

In 2019, you shared your views with us in many ways. Your input helps us make standards better. We appreciate your interest and involvement in our process.

ALL OF US WORKING
FOR ALL OF YOU

“The standard-setting Boards have a unique role serving investors and other stakeholders across our capital markets. The entire FAF organization is committed to supporting the integrity of the independent standard-setting process and ensuring the Boards have what they need to succeed.”
JOHN W. AUCHINCLOSS, FAF EXECUTIVE DIRECTOR

Our Mission

The collective mission of the FASB, the GASB, and the FAF is to establish and improve financial accounting and reporting standards so they provide useful information to investors and other users of financial reports and to educate stakeholders on how to most effectively understand and implement those standards.

  • The FASB and the GASB (the Boards) set standards through a process that is robust, comprehensive, and inclusive.
  • The FAF Board of Trustees provides oversight and promotes an independent and effective standard-setting process.
  • The FAF management provides strategic counsel and services that support the work of the standard-setting Boards and Board of Trustees.

The FASB establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations.

www.fasb.org

The GASB establishes financial accounting and reporting standards for U.S. state and local governments.

www.gasb.org

The FAF is the independent, private-sector, not-for-profit organization responsible for the oversight, administration, financing, and appointment of the FASB and the GASB.

www.accountingfoundation.org
401 Merritt 7 P.O. Box 5116
Norwalk, CT 06856-5116

Message from the
FAF Chair

As the newly appointed chair of the Board of Trustees for the Financial Accounting Foundation (FAF), I am honored to play a role in its mission and to work with so many people who are critical to the process of independent standard setting. There were many important achievements of note in 2019, including the key appointments of new chairs of the FASB and GASB, that have well positioned the organization to respond to the extraordinary environment we are operating in today.

The global coronavirus pandemic has dramatically changed our everyday lives and led to unfathomable consequences that pose and will continue to pose unprecedented challenges and hardships to many. Our stakeholders face daunting new questions and obstacles to the way they do business as they wrestle with both the current impacts and longer-term economic implications. The economic uncertainties of this moment strongly recall the depths of the financial crisis in 2008–09, during which I was a member of the U.S. Securities and Exchange Commission.

One of the most important roles for the FAF is to make sure our standard-setting Boards have the tools and support they need to serve their stakeholders. In 2015, we embarked on a three-year technology transformation project that has paid strong dividends during the pandemic. Improvements included moving to a cloud-based data-sharing system and upgrading obsolete hardware to laptops and other mobile platforms. With the addition of these tools, our Boards were able to continue serving their stakeholders without interruption under conditions of mandated remote work.

“One of the most important roles for the FAF is to make sure our standard-setting Boards have the tools and support they need to serve their stakeholders.”

Strong existing relationships with stakeholders have enabled the Boards to act rapidly during this crisis, including addressing changes to standards imposed by Congress in the case of FASB, and new projects to consider delaying implementation dates for certain FASB and GASB standards as investors, preparers, auditors, and regulators all struggle to cope with the disruptions of the pandemic.

As the Boards continue to do their part to address stakeholder needs, they will do so with new leadership at the helm beginning in July 2020. The FAF Trustees made two excellent decisions in 2019 in selecting Richard R. Jones as the new chair of the FASB, and Joel M. Black as the new chair of the GASB. Rich joins the FASB from Ernst & Young LLP, where he was partner and chief accountant, and Joel joins the GASB from Atlanta-based Mauldin & Jenkins LLC, where he was the partner in charge of the audit practice. Appointing the right leadership to direct the mission of independent standard setting is a critical responsibility of the FAF Board of Trustees. We believe strongly in the talent and diversity of knowledge these two individuals will bring to their respective Boards.

Rich and Joel will replace leaders who leave meaningful legacies from their years of service to our stakeholders. Russ Golden, who joined the FASB staff more than 16 years ago, led the creation of major standards during his tenure on the FASB, including current expected credit losses (CECL), leases, revenue recognition, and not-for-profit accounting. Dave Vaudt, a former two-term elected state auditor in Iowa, implemented standards regarding pension accounting and demonstrated a relentless commitment to strengthening relationships with stakeholders around the country. The FAF Board of Trustees is honored to have worked with these leaders and thank them both for their immense dedication and commitment during their terms.

We also announced last year the appointment of John Auchincloss, who became acting president of the FAF in the summer of 2019 and was named FAF’s permanent executive director in early 2020. John succeeds Terri Polley, who left the FAF after more than 30 years of service, including the last decade in the top leadership role. John joined our organization in 2016 as vice president and general counsel, and the FAF Trustees are pleased to continue to work with him as he takes on his expanded responsibilities.

Additionally, I would like to thank those members of the FAF Board who completed their service terms, Gary H. Bruebaker, Myra R. Drucker, Ann M. Spruill, and John B. Veihmeyer and welcome our five new Trustees—Bruce Herring, Michael T. Rollings, Timothy F. Ryan, Lawrence Salva, and Shundrawn Thomas. There is also a special thank you to extend to Charles H. Noski for his unwavering dedication as FAF’s Board chairman from 2016 to 2019 and to our current Trustees for their continued diligence.

As we look to the future, there is much that we cannot predict. What I do know is that the FASB, the GASB, and the FAF Board of Trustees will strive to provide the highest level of support and commitment to all our stakeholders during these challenging and uncertain times.

Sincerely,

Kathleen L. Casey, Chair

Message from the
FASB Chairman

It takes more than seven people in a board room to create standards that work. It takes an experienced, committed staff, collaborative capital market leaders, and, most of all, engaged stakeholders like you. As my term as chairman draws to a close in June 2020, I’m deeply grateful for the experience, knowledge, and passion so many of you have generously shared with the Board.

When I became chairman in 2013, the Private Company Council (PCC) was in its infancy, major new standards were about to drop, and our role on the international stage was in transition. The Board transformed these challenges into opportunities to improve how we develop and deliver more relevant, more useful information to investors and other financial statement users.

First, we launched a “cultural evolution” to better serve all stakeholders, not just some. Inspired by our work with the PCC, we improved how we engage with private companies, public companies, not-for-profit organizations, and employee benefit plans.

“To create standards that work, it takes an experienced, committed staff, collaborative capital market leaders, and, most of all, engaged stakeholders like you.”

We increased our outreach to understand the impact of our standards on a wider range of capital market stakeholders. In addition to our public decision-making meetings, FASB members and staff spoke at hundreds of professional conferences and events, hosted dozens of stakeholder roundtables on wide-ranging issues, and participated in countless stakeholder calls and small group meetings.

Next, we used what we learned to create new resources—including investor education videos and an implementation web portal—to support your transition to major standards such as revenue recognition, leases, and credit losses. Based on what you identified as priority issues, we added agenda projects to improve distinguishing liabilities from equity, segment reporting, and intangibles and goodwill.

Finally, we attacked areas you identified as opaque or unnecessarily complex, including goodwill impairment, inventory, and cloud computing. We made wholesale improvements to hedging. And we continue to consider whether the cost of providing information is worth its value to investors and other users throughout every stage of the standard-setting process.

We did our part on the global stage, too. I believe our collaboration with the International Accounting Standards Board has contributed to higher quality, more comparable standards across the globe—as have our ongoing meetings with fellow national standard setters around the world.

These achievements were driven by my fellow Board members and the FASB staff. I want to thank my outstanding colleagues on the Board, both past and present, for their expertise and insights, as well as the consistently top-notch FASB staff. When I hand over the FASB reins to your next FASB chair, Rich Jones, I’m confident they will continue to provide him with the same high level of support.

I also want to acknowledge the members of our advisory groups for their innumerable contributions to our mission; the SEC chief accountants and staff for their advocacy and counsel; our government and regulatory partners for their pursuit of more transparent capital markets—and, of course, the Trustees and staff of the Financial Accounting Foundation for their unwavering support of independent standard setting and our work in general.

Most of all, I thank you for a great seven-year run as FASB chairman. Please continue to share your views with the Board in their mission to set standards
that work.

Sincerely,

Russell G. Golden, Chairman


As this annual report went to press, America had been dealing with the major consequences of the coronavirus pandemic since mid-March. Even as our employees transitioned to remote work, we maintained an unwavering focus on supporting our stakeholders, who were going through challenges of their own. That work continues, and we are here to answer your questions and support your efforts to apply our standards during these difficult times.


2019 FASB Highlights

Key Standards Issued in 2019

  • Income Taxes: Simplifying the Accounting for Income Taxes
  • Codification Improvements to Topic 326, Financial Instruments—Credit Losses
  • Financial Instruments—Credit Losses, Derivatives and Hedging, and Leases: Effective Dates
  • Financial Services—Insurance: Effective Date
  • Compensation—Stock Compensation and Revenue from Contracts with Customers: Codification Improvements— Share-Based Consideration Payable to a Customer
  • Intangibles—Goodwill and Other, Business Combinations, and Not-for-Profit Entities: Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities
  • Financial Instruments—Credit Losses: Targeted Transition Relief
  • Codification Improvements to Financial Instruments—Credit Losses, Derivatives and Hedging, and Financial Instruments
  • Not-for-Profit Entities: Updating the Definition of Collections
  • Entertainment—Films—Other Assets—Film Costs and Entertainment—Broadcasters— Intangibles—Goodwill and Other: Improvements to Accounting for Costs of Films and License Agreements for Program Materials (a consensus of the FASB Emerging Issues Task Force)
  • Leases: Codification Improvements

Message from the
GASB Chairman

When the FAF Board of Trustees selected me to serve as GASB Chair, I knew I had been given a special opportunity to make an important difference in governmental accounting. But what specifically was that opportunity going to be?

Before my official start in July 2013, I worked alongside former GASB Chair Bob Attmore to get oriented to the role and begin meeting stakeholders. I quickly realized that the best way to understand a particular stakeholder’s perspective was to take the step of visiting them at their office. Through those meetings in my first year, the nature of the opportunity before me became clear.

Providing Accounting Solutions

Ultimately, as a board, we decided step back, take stock of where governmental accounting and financial reporting stood overall— and identify key opportunities for improvement.

At the beginning of my tenure, we focused on the financial reporting model. We began with a clean-sheet approach in our pre-agenda agenda research. Based on the feedback that we received from stakeholders during that research, we determined that working toward targeted improvements would really benefit stakeholders the most.

“I’ve squarely focused on regularly meeting with stakeholders to listen and understand their perspective on the most important issues they’re facing, keeping them informed about the key issues we’re working on, and finding ways for us to work together on solutions.”

In addition to those targeted improvements to the financial re- porting model, the Board also is working toward introducing a new approach for how revenue and expense would be recognized to provide clearer, more consistent information. This project is expected to have a profound effect on how we view the classification, recognition and measurement of revenue and expense transactions within the scope of that project. Earlier in 2020, the GASB also asked stakeholders for their input on the Board’s proposals primarily related to what disclosures are essential from their perspective.

While it’s crucial to take that big picture look, it’s even more urgent to identify the issues where there is an immediate need for practical standards-setting solutions. The comprehensive and conceptual projects I’ve mentioned can take a number of years to finish. Separately, we’ve placed a special emphasis on practice issues. For example, in reaction to challenges that governmental entities face on the front lines in addressing the COVID-19 pandemic— providing fast-tracked guidance on the delay of effective dates of GASB pronouncements. Also during my tenure, the GASB has fast-tracked needed guidance on debt extinguishment issues, external investment pools, tax abatement disclosures, and fiduciary activities issues.

Engaging Our Stakeholders

Improving communications and relations with our stakeholders is one of the GASB’s central goals. I’ve squarely focused on regularly meeting with stakeholders to listen and understand their perspective on the most important issues they’re facing, keeping them informed about the key issues we’re working on, and finding ways for us to work together on solutions.

While we’re not going to agree on every issue, we should always be able to talk and understand each other’s perspective—and appreciate why we have the position we do at the GASB, what the alternatives were, and why we reached the decision we did.

I am very proud of the work the Board and staff have done over the past seven years. During that time thousands of you have commented on GASB proposals; attended our Board meetings in person or virtually; served on our advisory council, task forces, and other advisory groups; worked through technical inquiries with us; and implemented new standards. Your time, ideas, and perspectives are the most important elements in creating standards that work.

As previously noted, governmental entities are facing significant challenges as a result of the COVID-19 crisis. As we continue to navigate through these uncertain times, the GASB is here to offer help and support with any accounting and financial reporting questions or issues you may have.

While my focus remains on standards setting, I also am helping incoming Chair Joel Black get acclimated as he prepares to assume his new role in July. On behalf of all of us at the GASB I’d like to thank everyone who took the time to share their ideas and input with the Board during my time as GASB Chairman. We appreciate your support and look forward to your continued engagement.

Sincerely,

David A. Vaudt, Chairman


2019 GASB Highlights

Final Statements (and Implementation Guide)

  • Conduit Debt Obligations
  • Implementation Guide, Leases
  • Implementation Guide, Fiduciary Activities
  • Implementation Guidance Update—2019

Exposure Drafts

  • Implementation Guidance Update—2020
  • Replacement of Interbank Offered Rates
  • Omnibus 20XX
  • Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32
  • Public-Private and Public-Public Partnerships and Availability Payment Arrangements
  • Subscription-Based Information Technology Arrangements
  • Implementation Guide—Leases

FAF Board of Trustees

Scroll down to see all members

Pictured from left to right:

Kathleen L. Casey 1
Senior Advisor, Patomak Global Partners LLC

Shundrawn A. Thomas 3
President, Northern Trust Asset Management

Diane M. Rubin 1,2,5
Retired Audit Partner and Quality Control Partner, Novogradac & Company LLP

Charles M. Allen 1,2,5
Retired CEO and Partner, Crowe LLP; Co-Chairman, Crowe Global

Lawrence Salva 3,5
Retired Executive Vice President and Chief Accounting Officer, Comcast Corporation

David C. Villa 3,4
Executive Director and Chief Investment Officer, State of Wisconsin Investment Board

David H. Lillard, Jr. 5,2*
State Treasurer, Tennessee Department of the Treasury

T. Eloise Foster 1,2,5
Chair, Maryland Supplemental Retirement Plans

Bruce T. Herring 2,4
Former President, Strategic Advisers, Inc., Fidelity Investments

Jeffrey L. Esser 3,4,2*
Executive Director Emeritus, Government Finance Officers Association

 

Pictured from left to right:

Timothy F. Ryan 5
U.S. Chairman and Senior Partner, PricewaterhouseCoopers

Kenneth B. Robinson 1,2,3
Retired Senior Vice President Internal Audit Services, Exelon Corporation

Christine M. Cumming 2,3
Retired First Vice President and Chief Operating Officer, Federal Reserve Bank of New York

Anthony J. Dowd 1,2
President and Chief Executive Officer, Fairfield-Maxwell LTD.

Mary E. Barth 2,5
Joan E. Horngren Professor of Accounting, Emerita, Stanford University Graduate School of Business 

Eugene Flood, Jr. 4,5
Independent Director, Janus Henderson Group

Michael T. Rollings 4
Chief Financial Officer and Managing Director of Finance, The Vanguard Group

Susan J. Carter 1,3,4
Independent Director, Blackrock Multi-Asset Mutual Funds Board

 

John W. Auchincloss
FAF Executive Director and Assistant Secretary

Mary P. Crotty
FAF Chief Operating Officer

Officers

Kathleen L. Casey
Chair

Diane M. Rubin
Vice Chair

Christine M. Cumming
Secretary and Treasurer

John W. Auchincloss
Executive Director and Assistant Secretary

Mary P. Crotty
Chief Operating Officer

Trustee Committees

  • 1 Executive Committee
    Kathleen L. Casey, Chair
    Diane M. Rubin, Vice Chair
  • 2 Appointments Committee*
    Anthony J. Dowd, Chair
  • 3 Audit and Finance Committee
    Kenneth B. Robinson, Chair
  • 4 Compensation Committee
    Susan J. Carter, Chair
  • 5 Standard-Setting Process Oversight Committee
    Charles M. Allen, Co-Chair
    T. Eloise Foster, Co-Chair

* Non-committee member governmental Trustees (Jeffrey Esser and David Lillard) serve ex officio on the Appointments Committee when a GASB member appointment is under consideration.

Members of FASB

Pictured from left to right:

Marsha L. Hunt
Board Member

James L. Kroeker
Vice Chairman

Shayne Kuhaneck
Acting Technical Director

Susan M. Cosper
Board Member

Gary R. Buesser
Board Member

R. Harold Schroeder
Board Member

Christine Ann Botosan
Board Member

Russell G. Golden
Chairman

“I want to thank all of you who support the open, independent standard-setting process—it allows us to make objective decisions based on the best interests of the capital markets. Sharing your time and your views helps us improve U.S. GAAP”
RUSSELL G. GOLDEN, FASB CHAIRMAN

Members of GASB

Pictured from left to right:

Jeffrey J. Previdi
Vice Chairman

David A. Vaudt
Chairman

Michael H. Granof
Board Member

Carolyn Smith
Board Member

Brian W. Caputo
Board Member

James E. Brown
Board Member

Kristopher E. Knight
Board Member

David R. Bean
Director of Research and Technical Activities

“On behalf of all of us at the GASB I'd like to thank everyone who took the time to share their ideas and input with the Board during my time as GASB Chair. We appreciate your support and look forward to your continued engagement.”
DAVID A. VAUDT, GASB CHAIRMAN

Welcome

During the past year, the the FAF Board of Trustees and the GASB welcomed the following leaders.

FAF

Joined January 2020

Bruce T. Herring
Former President, Strategic Advisers, Inc., Fidelity Investments

FAF

Joined January 2020

Michael T. Rollings
Chief Financial Officer and Managing Director of Finance, The Vanguard Group

FAF

Joined January 2020

Tim F. Ryan
U.S. Chairman and Senior Partner, Pricewater-houseCoopers

FAF

Joined January 2020

Lawrence Salva
Retired Executive Vice President and Chief Accounting Officer, Comcast Corporation

FAF

Joined January 2020

Shundrawn A. Thomas
President, Northern Trust Asset Management

GASB

Joined July 2019

Carolyn Smith
Chief Audit Executive, Columbus, OH City Schools

Thank You

During the past year, the following FAF Trustees and leaders concluded their work with us. On behalf of the entire organization, we thank them for their outstanding service.

FAF

Completed service in December 2019

Gary H. Bruebaker
FAF Trustee, Chief Investment Officer, Washington State Investment Board

FAF

Completed service in December 2019

Myra R. Drucker
FAF Trustee, Independent Director, Grantham, Mayo, Van Otterloo & Co. LLC

FAF

Completed service in December 2019

Charles H. Noski
FAF Chairman, Retired Vice Chairman, Bank of America

FAF

Completed service in June 2019

Teresa S. Polley
FAF President and Chief Executive Officer

FAF

Completed service in December 2019

Ann M. Spruill
FAF Trustee, Retired Partner, GMO & Co. LLP

FAF

Completed service in December 2019

John B. Veihmeyer
FAF Trustee, Retired Chairman, KPMG International

Advisory Groups

Advisory and other groups provide critical input to the FASB and the GASB. Complete membership rosters for each group are available by clicking on the group's icon below.

 

FASB Advisory Groups

Financial Accounting Standards Advisory Council

Advises the FASB on issues related to projects on the Board’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the chairman of the FASB. FASAC meetings provide the Board with an opportunity to obtain and discuss the views of a very diverse group of individuals from varied business and professional backgrounds.

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Investor Advisory Committee

Provides advice, from the investors’ perspective, on current and potential FASB agenda projects.

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Not-for-Profit Advisory Committee

Provides advice on existing guidance, current and proposed technical agenda projects, and longer-term issues related to the not-for-profit sector.

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Small Business Advisory Committee

Provides advice on FASB projects related to the operationality and the anticipated costs, complexities, and benefits of potential solutions principally from a small public company perspective.

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Emerging Issues Task Force

The mission of the EITF is to assist the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues within the framework of the FASB Accounting Standards Codification®.

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Private Company Council

The PCC is the primary advisory body to the FASB on private company matters. The PCC uses the Private Company Decision-Making Framework to advise the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s technical agenda. The PCC also advises the FASB on possible alternatives within GAAP to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB.

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GASB Advisory Groups

Governmental Accounting Standards Advisory Council

Consults with the GASB on technical issues on the Board’s agenda, project priorities, matters likely to require the attention of the GASB, and such other matters as may be requested by the GASB. GASAC meetings provide the Board with an opportunity to obtain and discuss views with a broad representation of preparers, auditors, and users of financial information.

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GASB Consultative Groups

Groups that are assembled at the discretion of the GASB chairman for pre-agenda research that is expected to be extensive and to address a broad or fundamental portion of the accounting and financial reporting standards.

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GASB Task Forces

Task forces that are assembled for most major projects and serve as a sounding board as a project progresses.

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Financial Accounting Standards Advisory Council

Advises the FASB on issues related to projects on the Board’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the chairman of the FASB. FASAC meetings provide the Board with an opportunity to obtain and discuss the views of a very diverse group of individuals from varied business and professional backgrounds.

FASAC Chair

Michael M. Morrow

FASAC Executive Director

Alicia A. Posta

FASAC Coordinator

Elizabeth Gagnon
Supervising Project Manager
Financial Accounting Standards Board

FASAC MEMBERS

Lara Abrash*
Chairman and CEO
Deloitte & Touche LLP

James A. Andrus
Investment Manager
CalPERS

Avi Berg
Portfolio Manager and Analyst
Elm Ridge Capital Management

Paul A. Beswick*
Partner, Assurance Services (National Office)
Ernst & Young LLP

Rudolf A. Bless
Chief Accounting Officer
Bank of America 

Susan M. Callahan
Formerly Director, Americas Accounting and Global Accounting Policy
Ford Motor Company

Ted Christensen*
Director and C. Herman and Mary Virginia Terry Distinguished Chair of Business
University of Georgia

Gordon T. Edwards
Chief Financial Officer
Marshfield Clinic Health System

Richard E. Forrestel, Jr.
Treasurer
Cold Spring Construction Company, Inc.

Robert G. Fox*
National Managing Partner of Professional Standards
Grant Thornton LLP

Karen J. Garnett
Partner
Proskauer Rose LLP

Zachary Gast
Global Head of Research
CFRA

Katherine Gill-Charest*
Executive Vice President, Controller & Chief Accounting Officer
ViacomCBS, Inc.

Elizabeth Graseck
Managing Director
Research, Morgan Stanley

Howard B. Guild*
Chief Accounting Officer
Schlumberger Limited

Mary Hoeltzel
Vice President, Global Chief Accounting Officer
Cigna Corporation

Cynthia T. Jamison
Board Member, Audit Committee
Tractor Supply, Office Depot, Big Lots, Darden Restaurants

Alice L. Jolla
Corporate Controller
Microsoft Corporation

Ginger M. Jones*
Board Member, Chair of the Audit Committee
Tronox Holdings plc and Libbey, Inc.

Lisa Koonce*
Deloitte & Touche Endowed Chair in Accounting
University of Texas at Austin

Karen Korn
Head of Alternative Product Development
Fidelity Investments
Fidelity Healthcare Group 

Kevin M. Mixon
Analyst
Miura Global Management, LLC 

Randy D. Oberdiek
Partner – Regional Director of Accounting and Auditing (North Region)
BKD, LLP

John W. Pietrowicz
Senior Managing Director and CFO
CME Group

David Schmid
Partner
PwC

Andrew L. Skatoff*
Senior Member, Investment Team
Belfer Management LLC

Amie Thuener
Vice President, Chief Accountant
Alphabet

Greg Wachsman*
Vice President, Equity Research Analyst
VOYA Investment Management

John White
Partner—Corporate
Cravath, Swaine & Moore LLP

Teri Yohn
Conrad Prebys Professor of Accounting
Indiana University

*New member in 2020

COMPLETED SERVICE IN 2019

Andrew G. McMaster, Jr.
Former FASAC Chair

Kimber Bascom
Partner
KPMG LLP

Stuart Birdt
Wealth Manager
Manchester Capital Management LLC

Lisa Coleman
Managing Director
JP Morgan Asset Management

Marie T. Gallagher
Senior Vice President and Controller
PepsiCo, Inc.

Sydney Garmong
Partner
Crowe LLP

Sameer Gokhale
Formerly Senior Director, Investor Relations
Fifth Third Bancorp

Jeffrey Hales
Professor of Accounting Charles T. Zlatkovich Centennial Professor
University of Texas at Austin

Mark LaMonte
Formerly Managing Director
Moody’s Investors Service

Cathy Shakespeare
Associate Professor of Accounting
University of Michigan

Dave Sullivan
Senior Partner—Quality and Professional Practice
Deloitte & Touche LLP

Ted T. Timmermans
Vice President, Controller, and Chief Accounting Officer
The Williams Companies, Inc.

Randall Woods
Principal/Head of Investing for Pension Fund
RJW Financial Services

Investor Advisory Committee

Provides advice, from the investors’ perspective, on current and potential FASB agenda projects. Members bring varied experience in equity and credit financial analysis across a wide spectrum of industries in order to provide insights into whether financial reporting is meeting user needs.

IAC Co-Chairs

Jeffrey Brickman
Senior Investor Liaison
Financial Accounting Standards Board

Chandy Smith
Senior Investor Liaison
Financial Accounting Standards Board

IAC Members

Nichole Burnap
Investment Manager
Teacher Retirement System of Texas

Todd Castagno
Executive Director and Equity Research Analyst
Morgan Stanley

Yoni Engelhart
Partner
Schilit Forensics

Mark Hamel
Principal
Assay Research

Trevor Harris
Arthur J. Samberg Professor of Professional Practice
Accounting

Columbia Business School

Katherine Hensel
Private Investor

Shripad Joshi
Senior Director
S&P Global Ratings

Brian Kleinhanzl
Managing Director
Keefe, Bruyette & Woods, Inc.

Janet Pegg
Analyst
Zion Research Group

Steven Y. Yang
Research Analyst
7Park Data

Completed service in 2020

Matthew Schechter
Investment Advisor
Arbor Capital

Not-for-Profit Advisory Committee

Provides advice on existing guidance, current and proposed technical agenda projects, and longer-term issues related to the not-for-profit sector.

NAC Chair

Jeffrey D. Mechanick
FASB Assistant Director—Nonpublic Entities

FASB Liaison

Christine Ann Botosan
Member
Financial Accounting Standards Board

NAC Members

Kevin Carey*
Chief Financial Officer
Young Adult Institute, Inc.

Jennifer Deger*
Director of Finance – Global Controller
Bill & Melinda Gates Foundation

Alyssa Federico
Vice President & Director – Finance
Foundation for The Carolinas

Kelly Frank
Partner
Crowe LLP

David R. Gagnon
Partner, Audit
National Industry Leader, Higher Education & Other Not-for-Profits
KPMG LLP

Melisa Galasso*
Owner
Galasso Learning Solutions

Dennis Gephardt*
Vice President, Senior Credit Officer
Moody’s Investors Service

John D. Griffin
Senior Vice President & Controller
AARP

David C. Horne
Chief Financial Officer
Mother Cabrini Health Foundation
Formerly Chief Financial Officer, March of Dimes

Kim E. Keenoy
Senior Vice President
Bank of America Merrill Lynch

Kimberly K. McKay
Managing Partner
BKD, LLP

Carolyn Mollen
Vice President of Finance & Administration and Treasurer
Resources for the Future

Formerly Chief Financial Officer, Independent Sector

Dennis Morrone
Partner-in-Charge, Not-for-Profit Audit Practice
Grant Thornton LLP

Andrew M. Paluf
Associate Vice President for Finance & Controller
University of Notre Dame

Barbara Potts*
System Vice President–Finance
SSM Health

Tammy R. Waymire
Associate Professor
Middle Tennessee State University

Andrea Wright*
Partner
Johnson Lambert LLP

*New member in 2020

Observers

Judith Welsh-Liebross
Chief Accountant
Charities Bureau, New York State Department of Law (representing National Association of State Charity Officials)

Christopher Cole
Associate Director,
Engagement and Learning Innovation
AICPA

Completed Service in 2019

Alice Antonelli
Director, Advisory Services
Nonprofit Finance Fund

Cathy Clarke
Chief Assurance Officer
Clifton Larson Allen, LLP

Mary Connick
Senior Vice President, Finance & Corporate Controller
Dignity Health

Jim Croft
Principal
JWC Consulting Group
Formerly Executive Vice President
and Chief Financial Officer

The Field Museum of Natural History

Michael Forster
Chief Operating & Chief Financial Officer
Woodrow Wilson International Center for Scholars

Andrew Prather
Shareholder
Clark Nuber PS

Amy B. Robinson
Vice President, Chief Financial Officer and Chief Administrative Officer
The Kresge Foundation

Small Business Advisory Committee

Provides advice on FASB projects related to the operationality and the anticipated costs, complexities, and benefits of potential solutions principally from a small public company perspective.

SBAC Chair

Alicia A. Posta
Assistant Director
Financial Accounting Standards Board

SBAC Coordinator

Lucy Cheng
Project Manager
Financial Accounting Standards Board

FASB Liaison

Marsha L. Hunt
Member
Financial Accounting Standards Board

SBAC Members

Gary Bachman
Chief Operating Officer (former CFO)
Pzena Investment Management, LLC

Frank J. Cesario
Chief Financial Officer
CTI Industries Corporation

Rick Day
Partner, National Director of Accounting
RSM US LLP

David Gonzales
Vice President – Senior Accounting Analyst
Moody's Investors Service

K. Scott Gray
Formerly Chief Financial Officer
Luby’s Fuddruckers Restaurants, LLC

Shannon L. Greene
Chief Financial Officer
Stewart Organization

David W. Hinshaw
Managing Partner, Professional Standards Group
Dixon Hughes Goodman LLP

Robert E. Hoffman
Chief Financial Officer and Senior Vice President, Finance
Heron Therapeutics, Inc.

Cortney Johnson
Chief Financial Officer
ESO Solutions, Inc.

Dominick Kerr
Partner, Global Accounting Standards & Professional Practice
Connor Group

Greg Kowieski
Partner
Moss Adams LLP

Christopher Lafond
Chief Financial Officer
Insurity, Inc.

Ryan LaFond
Partner and Deputy Chief Investment Officer
Algert Global

Geoffrey R. Morgan*
Partner
Croke Fairchild Morgan & Beres

Michael J. Phillips*
Executive Vice President and Chief Strategy Officer
Planters First Bank

Douglas J. Reynolds
Partner, Accounting Principles Consulting Group
Grant Thornton LLP

Robert B. Vogt
Partner, Professional Practice Group
Ernst & Young LLP

*New member in 2020

Completed Service in 2019

John Exline
Chief Financial Officer
Clark Investment Group

Marshall Minoux
Underwriting Director/Construction Services
Travelers

Emerging Issues Task Force

The mission of the EITF is to assist the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues within the framework of the FASB Accounting Standards Codification®.

EITF Chair

Susan M. Cosper
Member
Financial Accounting Standards Board

EITF Coordinator

David Challen
Fellow
Financial Accounting Standards Board

EITF Members

Kimber Bascom
Partner
KPMG LLP

Paul A. Beswick
Partner
Ernst & Young LLP

Terri Z. Campbell
Founder
Archer Bay Capital LLC

Lawrence Dodyk
Partner/U.S. Business Combinations Leader
PricewaterhouseCoopers LLP

Bret Dooley
Managing Director and Director of
Corporate Accounting Policies Group
JPMorgan Chase & Co.

Kevin McBride**
Corporate Controller and Principal Accounting Officer
Intel Corporation

Liesl Nebel*
Accounting & Finance Consultant

Jeffrey Nickell**
Partner
Deloitte & Touche LLP

Jeremy Perler*
Director of Research
Schilit Forensics

Matthew Schechter*
Investment Advisor
Arbor Capital

Eric C. West
Director of Accounting Policy
Amazon.com, Inc.

Aleks Zabreyko*
Partner, Strategic Markets Leader
Connor Group

*New member in 2019

**New member in 2020

Participating Observers

John Vanosdall
Securities and Exchange Commission

Angela Newell (FinREC)
BDO USA, LLP

Yan Zhang (PCC)
EisnerAmper LLP

Completed Service in 2019

James G. Campbell
Corporate Controller
Alphabet Inc.

Alexander M. Corl
Chief Financial Officer and Treasurer
The Lee Company

Mark LaMonte
Vice President — Senior Credit Officer, Financial Institutions Group/
Accounting Specialist Group

Moody’s Investors Service

Ashwinpaul C. Sondhi
President
A.C. Sondhi & Associates, LLC

Completed Service in 2020

Robert Uhl
Partner
Deloitte & Touche LLP

Private Company Council

The PCC is the primary advisory body to the FASB on private company matters. The PCC uses the Private Company Decision-Making Framework to advise the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s technical agenda. The PCC also advises the FASB on possible alternatives within GAAP to address the needs of users of private company financial statements. Any proposed changes to GAAP are subject to endorsement by the FASB.

PCC Chair

Candace Wright
Director
Postlethwaite & Netterville

FASB Liaison

Susan M. Cosper
Member
Financial Accounting Standards Board

PCC Coordinator

Jenifer J. Wyss
Supervising Project Manager
Financial Accounting Standards Board

PCC Members

Zubin Avari*
Managing Partner
Charter Oak Equity, LP

Timothy J. Curt
Former Managing Director and Partner
Warburg Pincus LLC

Jeremy Dillard
Partner
SingerLewak LLP

David Lomax
Assistant Vice President and
Underwriting Officer

Liberty Mutual Insurance Company

Michael Minnis
Associate Professor
University of Chicago Booth School of Business

Holly Nelson*
Chief Executive Officer
Key Advisory Services

Richard Reisig
Shareholder and Technical Director, Attest Services
Anderson ZurMuehlen & Company, PC

Dev Strischek
Principal
Devon Risk Advisory Group

Frank Tarallo
Chief Executive Officer
Theragenics Corporation

Yan Zhang
Partner
EisnerAmper LLP

*New member in 2020

Completed Service in 2019

David J. Hirsch
Vice President, Finance
Pritzker Group Private Capital

Beth I. van Bladel
Director
CFO for Hire LLC

Governmental Accounting Standards Advisory Council

Consults with the GASB on technical issues on the Board’s agenda, project priorities, matters likely to require the attention of the GASB, and such other matters as may be requested by the GASB. GASAC meetings provide the Board with an opportunity to obtain and discuss views with a broad representation of preparers, auditors, and users of financial information.

GASAC Chair

Robert W. Scott
Director, Finance
City of Brookfield, Wisconsin
(Nominated by the Government Finance Officers Association)

GASAC Vice Chair

Alan Skelton
State Accounting Officer
State of Georgia
(Nominated by the National Association of State Auditors, Comptrollers and Treasurers)

MEMBERS

Peggy Arrivas
Associate Vice President and Systemwide Controller
University of California
(Nominated by the National Association of College and University Business Officers)

Duncan Baird
Executive Director
Arkansas Public Employees Retirement System
(Nominated by the National Association of State Budget Officers)

Robert Balducci
Comptroller
New York City Bond Financing Entities, New York
(Nominated by the U.S. Conference of Mayors)

Eric Bringardner
Fixed Income Research Analyst
Fidelity Investments
(Nominated by the Investment Company Institute)

Thad Calabrese
Associate Professor
Robert F. Wagner Graduate School of Public Service
New York University, New York
(Nominated by the Association for Budgeting and Financial Management)

Karen Carraher**
Executive Director
Ohio Public Employees Retirement System
(Nominated by the National Association of State Retirement Administrators)

Joni Davis**
Accounting Manager
Nebraska Public Power District
(Nominated by the American Public Power Association)

Kristen Fontana
Vice President, Credit Strategies
Public Finance Investment Banking
Wells Fargo Securities
(Nominated by the Securities Industry and Financial Markets Association)

Wayne D. Gerhold
Principal
Law Offices of Wayne D. Gerhold, Pennsylvania
(Nominated by the National Association of Bond Lawyers)

Brian Green
Partner, Healthcare Audit and Reimbursement Services
Seim Johnson
(Nominated by the Healthcare Financial Management Association)

Demetria Hanna
Branch Chief, Economic Statistical Methods Division
U.S. Census Bureau
(Nominated by the U.S. Census Bureau)

Matthew Harvey
Investment Professional, Municipal Bonds
State Farm
(Nominated by the Insurance Industry Investors)

Ricky Hatch**
County Clerk/Auditor
Weber County UT
(Nominated by the National Association of Counties)

Shirley D. Hughes
Retired City Administrator
City of Liberty, South Carolina
(Nominated by the International City/County Management Association)

John Kinnaird
Council Member
City of Waco, Texas
(Nominated by the National League of Cities)

Paul Kwiatkoski
Managing Director, Public Finance Sector
Kroll Bond Rating Agency
(Bond Rater)

Fiona Ma*
Treasurer
State of California
(Nominated by the National Association of State Treasurers)

Angus Maciver
Legislative Auditor
State of Montana
(Nominated by the National Conference of State Legislatures)

Joseph Morrissette*
Director, Office of Management and Budget
State of North Dakota
(Nominated by the National Governors Association)

Craig M. Murray**
Director of Professional Practice
Michigan Office of the Auditor General
(Nominated by the Association of Government Accountants)

Nadina Paisano
Controller
University of New Mexico Foundation
(Nominated by the Native American Finance Officers Association)

Terry Patton
Robert Madera Distinguished Professor of Accounting
Dillard College of Business Administration
Midwestern State University, Texas
(Nominated by the American Accounting Association)

Phyllis Resnick
Lead Economist and Deputy Director
Colorado Futures Center at Colorado State University
(Nominated by the Governmental Research Association)

Kevin W. Smith**
Managing Partner, Public Sector Services
Crowe
(Nominated by the AICPA)

Lise Valentine
Deputy Inspector General, Audit and Program Review
City of Chicago, Illinois
(Nominated by the Association of Local Government Auditors)

Lisa Washburn
Managing Director
Municipal Market Analytics
(Nominated by the National Federation of Municipal Analysts) 

Michael Weinstein
Chief Surveillance Officer and Vice President
Build America Mutual
(Bond Insurer)

Karen Wiesman**
Retired Associate Superintendent
Business and Financial Services Mansfield Independent School District, Texas
(Nominated by the Association of School Business Officials International)

*New members in 2019
**New members in 2020

Official Observer

Robert Dacey
Chief Accountant
Government Accountability Office
(Representing the Comptroller General of the United States)

Completed Service in 2019

Joel Black
Partner
Mauldin & Jenkins
(Nominated by the AICPA)

Patsy Brown
Director, Accounting
Chesterfield County, Virginia
(Nominated by the National Association of Counties)

John Hutchison
Deputy Superintendent, Business and Operations
Olathe Public Schools USD 233, Kansas
(Nominated by the Association of School Business Officials International)

David Lillard
Treasurer
State of Tennessee
(Nominated by the National Association of State Treasurers)

Lealan Miller
Director, Government Services
Eide Bailly
(Nominated by the Association of Government Accountants)

Sandra Moorman
Director, Accounting and Controller
Sacramento Municipal Utility District, California
(Nominated by the American Public Power Association)

Robert A. Wylie
Executive Director
South Dakota Retirement System
(Nominated by the National Association of State Retirement Administrators)