Messages from the FAF, FASB, and GASB Leaders


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


Download the Complete 2018 Annual Report

Standards
That Work
Rising to Meet
the Future

The FASB and the GASB develop standards that work today and for the future. They do this by engaging in robust research, developing new ways to support a successful implementation of standards, and proactively understanding how leadership and technology impact future standards. The FAF supports this objective by appointing the right people to the Boards and implementing the right systems to support successful standard setting.

The journey to future standards that work begins here...
The journey to future standards that work begins here...
Making Standards Work:
This Year and Next Year

Spotlight on 2018

The FASB’s Long-Duration Insurance Standard
On August 15, 2018, the FASB issued a new standard that provides investors and other financial statement users with better and more timely and transparent information about long-term contracts issued by insurance companies. Project outreach included more than 150 meetings with users and more than 250 meetings with preparers, auditors, industry groups, and others.

Making Standards Work:
The Next 3 to 5 Years

Spotlight on 2018

The GASB’s Gil Crain Memorial Research Grant Program
Since 1984, the GASB has awarded grants to academics and other researchers to conduct studies that would be relevant to the GASB’s standard-setting activities. Such research efforts have been published in peer-reviewed journal articles, used in GASB research briefs, and occasionally featured in GASB research reports. In 2018, the GASB awarded two grants for research on capital asset reporting.

Making Standards Work:
The Future

Spotlight on 2018

The FAF’s Content Vision & Enablement Initiative
As a result of its 2017 independent current-state assessment of FAF publishing technology and processes, the FAF commenced a multi-year “Content Vision & Enablement” (CV&E) initiative in late 2018. The CV&E initiative has three components: finalizing the organization’s content strategy, designing and installing a new multichannel publishing platform, and updating the technology and business processes behind our content authoring, production, and distribution.

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 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

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

Message from the
FAF Chairman and
FAF President and CEO

For standards to work now and in the future, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) need the right people, process, infrastructure, and support.

The Board of Trustees of the Financial Accounting Foundation (FAF) strives to ensure that the FASB and the GASB have what they need to be successful in achieving their missions.

In 2018, FAF Trustees recruited and appointed high-quality candidates to the standard-setting Boards and their advisory councils and continued to monitor the Boards’ standard-setting processes and outreach to stakeholders. The FAF management team supported the Boards’ work through infrastructure improvements. And both advocated for the independent standard-setting process.

"The FAF is committed to the success of the FASB and the GASB—for today and for the future."

One of the most important Trustee responsibilities is to recruit professionals from diverse talent pools and varied backgrounds to ensure a balance of perspectives across the Boards and their advisory groups.

The Trustees fulfilled this role in 2018 by:

  • Appointing portfolio manager and research analyst Gary Buesser and (in April 2019) Technical Director Susan Cosper to the FASB
  • Conducting searches that led to the appointments (in April 2019) of Mary Barth and David Lillard, Jr. to the FAF Board of Trustees
  • Appointing new (and reappointing, where applicable) members to the Financial Accounting Standards Advisory Council (FASAC), the Governmental Accounting Standards Advisory Council (GASAC), and the Private Company Council (PCC), and
  • Reappointing GASAC Chair Robert Scott and PCC Chair Candy Wright, who have shown great leadership of their respective advisory groups.

With FASB Chairman Russ Golden and GASB Chairman Dave Vaudt completing their terms in 2020, the Trustees also began to plan the strategy for future leadership of the standard-setting Boards. In 2018, we started to think about how the roles might evolve. We began asking stakeholders for their thoughts on the key strategic challenges that the Boards will face and the relevant qualities, backgrounds, and experiences that the Trustees should look for in Board chair candidates.

As the Trustees continue this work in 2019, we expect further stakeholder input to inform our thoughts about the next generation of leadership.

Appointing the right people to these positions is only one part of the Trustees’ role to ensure that the Boards set high-quality standards. Another part is conducting proper oversight.

In 2018, the Trustees’ Standard-Setting Process Oversight Committee continued to monitor the Boards’ standard-setting processes by meeting regularly with the chairs of the FASB and the GASB to discuss, among other things, progress on their agenda projects, adherence to their due process procedures, and external influences that may impact their standard-setting processes. In addition, the Oversight Committee met with the chairs of the FASAC, the GASAC, and the PCC and individual Trustees observed meetings of those groups. By holding the FASB and the GASB accountable for a transparent, comprehensive, and independent standard-setting process, the Trustees help ensure that the Boards develop high-quality financial accounting and reporting standards that best serve the needs of financial statement users.

Advocating for the FASB and the GASB’s independence and the integrity of the standard-setting process is also an important Trustee responsibility. In 2018, the FASB, the GASB, and the FAF continued to collaborate to address fresh challenges to the independent standard-setting process. Our advocacy creates space so that the Boards can conduct an independent, comprehensive, and inclusive process free from real or perceived conflicts of interest.

"Advocating for the FASB and the GASB’s independence and the integrity of the standard-setting process is also an important Trustee responsibility."

The right people and the right process are important to standards that work—and so is the right infrastructure. The FAF management team worked to improve that infrastructure for the benefit of the Boards, their staffs, and their stakeholders.

In 2018, we launched a project for our largest technological transformation since the FASB Codification was launched in 2009: a new and improved publishing platform.

The new publishing platform will enable the FASB and the GASB to fulfill their standard-setting mission through next generation technology systems to publish and distribute their content. In short, the platform will provide a more modern technology platform for all users. We look forward to sharing updates on this exciting initiative as we roll out the new technology to our stakeholders.

The FAF is committed to the success of the FASB and GASB—for today and for the future. On behalf of the FAF, we thank you for inspiring our work in the past and present, and for helping us rise to meet the future of financial reporting.

Sincerely,

Charles H. Noski
Chairman

Teresa S. Polley
President and CEO

Charles H. Noski
Chairman

Teresa S. Polley
President and CEO

Message from the
FASB Chairman

FASB stakeholders are a diverse group, so there’s rarely a “one-size-fits-all” approach to serving all of them.

Financial statement users want standards that help them decide where to invest capital, or where to lend or donate money. Preparers want standards they can understand and implement at a reasonable cost. And auditors want standards that they can audit effectively.

One thing everyone agrees on, though: financial reporting is rapidly changing. And accounting standards need to keep up. In 2018, we fostered a culture dedicated to standards that work for all—including public companies, private companies, not-for-profit organizations, employee benefit plans, and their respective stakeholders.

But we also challenged ourselves to look ahead and ask how our standards should evolve to meet future needs. We discovered that what we do to make standards work today will help us make them even better tomorrow.

"We discovered that what we do to make standards work today will help us make them even better tomorrow."

Take, for example, how we help preparers (and their practitioners) implement our standards. With private companies slated to adopt revenue recognition in 2019, we spent 2018 producing webinars, videos, Q and As, and even a “train the CPE trainer” program to help private companies successfully make the transition.

These resources were developed over years of trial and error with previous standards. In this case, we also drew on the experience of public companies (that implemented “rev rec” a year earlier) to fine-tune these resources and address issues private companies may not have anticipated.

We’ll repeat this approach with leases, which public companies will implement in 2019. To ensure a successful and timely transition, in 2018, we clarified our leases guidance to help preparers and auditors implement the standard. And for investors, we created webinars about the changes they can expect when standards on both leases and hedging take effect.

In 2018, we also addressed questions on credit losses, leveraging the credit losses transition resource group as a forum to discuss those concerns. Based on the discussions and other input, we issued final and proposed narrow-scope adjustments to the guidance. We also improved accounting for not-for-profit grants and contracts, cloud computing arrangements, and insurance companies that issue long-duration contracts (namely, life insurance).

Experience (and plenty of research) likewise guided our work on standards to be issued in the next three to five years. Our focus is to provide investors with better information without imposing unnecessary cost and complexity on the preparer.

Through current agenda projects, we’re looking at cost-effective ways to give investors more information about a company’s financial performance. In 2018, the FASB staff conducted extensive outreach with preparers to help us better understand the potential costs of separating (or disaggregating) information in certain income statement line items to provide investors with greater transparency. In a related project, the staff surveyed public companies on how they use segment reporting. We’re analyzing what we learned through these efforts to determine our next steps on these projects.

The Private Company Council (PCC) continued to help us improve financial reporting for all stakeholders. Based on the PCC’s earlier work, we issued a proposal that would reduce the cost and complexity of accounting for goodwill and measuring certain identifiable intangible assets for not-for-profit organizations. We’ve also added an agenda project that would look at extending this proposal to public companies and plan to issue an Invitation to Comment on many aspects of what we need to consider in the coming months.

To better understand the direction of financial reporting worldwide, we continued to collaborate with international standard setters. Our 2018 meetings with the International Accounting Standards Board, the Accounting Standards Board of Japan, and the Accounting Standards Board of Canada, among others, allowed us to share research and potential approaches to similar standard-setting matters to benefit our respective stakeholder groups and capital markets worldwide.

Finally, to peer even further into the future, the FASB initiated a study to understand how financial reporting technology is being used by companies and investors, and how it might evolve. This information will help us develop a plan on how to develop standards that are responsive to future needs and technological changes.

It may be true, as baseball legend Yogi Berra reportedly once said, that “it’s tough to make predictions, especially about the future.” One prediction we can make with conviction, however, is that your input is critical to our ability to “rise” to the challenge of excellence in financial reporting. We thank you for your continued participation in our process, and for your support of standards that will work for many decades to come.

Sincerely,

Russell G. Golden, Chairman

Russell G. Golden
Chairman

2018 FASB Highlights

Key Standards/Concepts Statements Issued in 2018

  • Financial Services—Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts
  • Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities (Private Company Alternative)
  • Derivatives and Hedging: Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes
  • Not-for-Profit Entities: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
  • Four narrow-scope improvements to the Leases standard
  • Two narrow-scope improvements to Financial Instruments standards
  • Four improvements to disclosures in notes to financial statements
    • New Conceptual Framework chapter on disclosures
    • Update to existing Conceptual Framework chapter on definition of materiality
    • New standard on Fair Value Measurement disclosure requirements
    • New standard on Defined Benefit Plans disclosure requirements
  • Intangibles—Goodwill and Other— Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)
  • Compensation—Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting
  • Income Statement—Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
  • Collaborative Arrangements: Clarifying the Interaction between Topic 808 and Topic 606.

Message from the
GASB Chairman

Setting accounting standards is always a juggling act. At any given time, we have to keep our eye on the immediate needs of stakeholders to implement current accounting standards, make progress on projects to improve GAAP in the next year or two, and think about longer-term changes that will shape the future of financial reporting. The Board attended to all of these challenges in 2018.

New Educational Resources

Focusing on stakeholders’ most immediate needs, we developed educational resources to assist them as they adopt new GASB standards.

Among the best tools the Board has to help governments successfully adopt new guidance are our “Q&A” guides. These guides provide authoritative answers to questions we receive at presentations across the country, through our technical inquiry system, and in other ways.

Driven by stakeholder questions in 2018, we developed draft Q&A guides for our recent standards on fiduciary activities and leases. We plan to publish final guides mid-year.

Our User Guides translate accounting standards into a plain-language form to assist investors, analysts, and others in understanding the information presented in a government’s financial report. We published three new editions of the User Guide Series in 2018. The new User Guide editions address school district finances, business-type activities, and include an updated guide for financial statement analysts.

Evolving Transactions and the Changing Landscape

The next wave of changes to financial reports addresses some of the most dynamic parts of public finance. In 2018, we focused on four specific projects of interest to stakeholders.

As public-private partnerships continue to evolve, so does our guidance for them. While current GASB standards cover many “P3s,” we’re revisiting how we define them, considering the effectiveness of current disclosure requirements, and taking a fresh look at recognition and measurement issues.

"The next wave of changes to financial reports addresses some of the most dynamic parts of public finance."

Our work on subscription-based information technology arrangements will provide guidance for transactions involving the digital cloud and other remote data storage networks. It’s key that GASB standards keep pace with developments that underlie these increasingly prevalent transactions.

Based on current financial reporting standards, governments report conduit debt in different ways. To promote consistent application, we’ll issue guidance that more clearly defines these arrangements and describes how governments would consistently report conduit debt, including any additional commitments associated with those transactions.

Finally, with the future of London Interbank Offered Rate (LIBOR)-based benchmarking instruments in flux, we’re working on how the transition to other rates should be accounted for in the financial statements.

Progress on “The Big Three”

From a long-term perspective, we’re working on the “The Big Three”—the Financial Reporting Model, Revenue and Expense Recognition, and Note Disclosures.

Looking at these related areas at the same time lets us take a big picture view of state and local government financial reporting to identify opportunities for improvement.

The Financial Reporting Model project considers what the future financial reports should ultimately present. In 2018, we issued a draft of our early thinking for stakeholder comment in the form of a Preliminary Views document. Now we’re analyzing the input we received.

At the same time, the Board is weighing when revenues and expenses should be recognized within the model. We issued a document for stakeholder comment in 2018 and continue to work on a proposal that integrates the issues that have been identified as a result of the due process feedback.

As those projects progress, the next question becomes: what disclosures would provide a more informed understanding of the financial statements? In creating a disclosure framework, we’re examining how disclosures meet stakeholder needs—and what changes may be required.

Thank You for Your Input!

The most important element of building a solid foundation of accounting standards is listening carefully to the rich and diverse input from our broad range of stakeholders and incorporating those ideas into our work.

On behalf of all of us at the GASB, I’d like to thank everyone who shared their views with us in 2018. The input, ideas, and perspectives you offered helped inform the Board’s activities and provided insight to help us rise to meet user needs.

Sincerely,

David A. Vaudt, Chairman

David A. Vaudt
Chairman

2018 GASB Highlights

Final Statements (and Implementation Guide)

  • Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements
  • Accounting for Interest Cost Incurred before the End of a Construction Period
  • Majority Equity Interests
  • Implementation Guidance Update—2018

Exposure Drafts

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

Invitation to Comment/ Preliminary Views Documents

  • Revenue and Expense Recognition (ITC)
  • Financial Reporting Model Improvements (PV)
  • Recognition of Elements of Financial Statements (PV).

FAF Board of Trustees

Scroll down to see all members

Pictured from left to right:

Charles H. Noski 1
Retired Vice Chairman
Bank of America

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

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

Charles M. Allen 1,2,5
Retired Partner and Past
Chief Executive Officer
Crowe LLP

Kathleen L. Casey 2,5
Senior Advisor
Patomak Global Partners LLC

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

Ann M. Spruill 2,4
Retired Partner
GMO & Co. LLC

John B. Veihmeyer 3,5
Retired Chairman
KPMG International

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

 

Pictured from left to right:

Kenneth B. Robinson 1,2,3
Senior Vice President,
Internal Audit and
Financial Controls
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.

Myra R. Drucker 1,2,4
Independent Director
Grantham, Mayo,
Van Otterloo & Co. LLC

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

Susan J. Carter 3,4
Independent Director
BlackRock Equity/Liquidity Mutual Fund Board, Pacific Pension and Investment Institute

Officers:

John W. Auchincloss
Vice President, General Counsel
and Assistant Secretary
Financial Accounting Foundation

Teresa S. Polley
President and Chief
Executive Officer
Financial Accounting Foundation

Mary P. Crotty
Chief Operating Officer
Financial Accounting Foundation

 

Trustees not pictured above:

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

Gary H. Bruebaker 3,4
Chief Investment Officer
Washington State
Investment Board

David H. Lillard, Jr. 5
Tennessee State Treasurer

Officers

Charles H. Noski
Chairman

Diane M. Rubin
Vice Chair

Christine M. Cumming
Secretary and Treasurer

Teresa S. Polley
President and Chief Executive Officer

Mary P. Crotty
Chief Operating Officer

John W. Auchincloss
Vice President, General Counsel and Assistant Secretary

Trustee Committees

  • 1 Executive Committee
    Charles H. Noski, Chairman
    Diane M. Rubin, Vice Chair
  • 2 Appointments Committee
    Anthony J. Dowd, Chair
  • 3 Audit and Finance Committee
    Kenneth B. Robinson, Chair
  • 4 Compensation Committee
    Myra R. Drucker, Chair
  • 5 Standard-Setting Process Oversight Committee
    Charles M. Allen, Co-Chair
    T. Eloise Foster, Co-Chair

Members of FASB

Pictured from left to right:

Marsha L. Hunt
Board Member

James L. Kroeker
Vice Chairman

Susan M. Cosper
Board Member

Gary R. Buesser
Board Member

R. Harold Schroeder
Board Member

Christine Ann Botosan
Board Member

Russell G. Golden
Chairman

Members of GASB

Pictured from left to right:

Jeffrey J. Previdi
Vice Chairman

David A. Vaudt
Chairman

Michael H. Granof
Board Member

David E. Sundstrom
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

Welcome

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

FASB

Joined July 1, 2018

Gary R. Buesser
Prior to joining the FASB, Mr. Buesser was a director/research analyst with Lazard Asset Management.

FASB

Joined May 1, 2019

Susan M. Cosper
Prior to joining the FASB, Ms. Cosper was technical director of the FASB.

FAF

Joined April 16, 2019

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

FAF

Joined April 16, 2019

David H. Lillard, Jr.
Tennessee State
Treasurer

Thank You

During the past year, the following leaders concluded terms on the FASB and the FAF Board of Trustees. On behalf of the entire organization, we thank them for their outstanding service.

FASB

 

Harold L. Monk, Jr.
Served on the FASB from January 1, 2017 to May 31, 2018.

FASB

 

Marc A. Siegel
Served on the FASB from July 1, 2008 to June 30, 2018.

FAF

Completed service on April 15, 2019

Nancy K. Kopp
Maryland State Treasurer

FAF

Completed service on April 15, 2019

Terry D. Warfield
PwC Professor in Accounting
and Richard J. Johnson Chair, Department of Accounting and Information Systems, University of Wisconsin, Madison

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.

Read More

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

Andrew G. McMaster, Jr.

FASAC Executive Director

Alicia A. Posta

Members

James A. Andrus*
Investment Manager
CalPERS

Kimber Bascom
Partner
KPMG LLP

Avi Berg
Portfolio Manager and Analyst
Elm Ridge Capital Management

Stuart Birdt
Wealth Manager
Manchester Capital Management LLC

Rudolf Bless
Chief Accounting Officer
Bank of America

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

Lisa Coleman*
Managing Director
JP Morgan Asset Management

Gordon Edwards
Chief Financial Officer
Marshfield Clinic Health System

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

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

Sydney Garmong
Partner
Crowe LLP

Karen J. Garnett*
Partner
Proskauer Rose

Zachary Gast
Global Head of Research
CFRA

Sameer Gokhale
Former Senior Director, Investor Relations
Fifth Third Bancorp

Elizabeth Graseck
Managing Director
Research, Morgan Stanley

Jeffrey Hales
Catherine W. and Edwin A. Wahlen, Jr.
Professor of Accounting

Georgia Institute of Technology

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

Karen Korn*
Senior Vice President, Investment Services
Fidelity Investments
Fidelity Healthcare Group

Mark LaMonte
Former Managing Director
Moody’s Investors Service

Kevin M. Mixon*
Equity Analyst—Forensic Research Group
Citadel LLC

Michael M. Morrow*
Board, Audit Committee Chairman
Cabot Corporation

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

John W. Pietrowicz*
Senior Managing Director and Chief Financial Officer
CME Group

David Schmid
Partner
PwC

Cathy Shakespeare
Associate Professor of Accounting
University of Michigan

Dave Sullivan*
National Managing Partner—Quality and Professional Practice
Deloitte & Touche LLP

Amie Thuener
Vice President, Chief Accountant
Alphabet

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

John White
Partner—Corporate
Cravath, Swaine & Moore, LLP

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

Teri Yohn
Conrad Prebys Professor of Accounting
Indiana University

*New members in 2019

Completed Service in 2018

Richard R. Jones
Partner—Director of Accounting
EY

Sean C. Miller
Senior Vice President—Technical Accounting and Compliance
Sony Pictures Entertainment

Gregg L. Nelson
Vice President and Chief Accounting Officer
IBM Corporation

Douglas R. Oare
Managing Director
BlackRock, Inc.

Sherry M. Smith
Board of Directors
Deere & Company, Tuesday Morning Corporation, and Realogy Holdings Corporation

Lee Sotos
Senior Analyst
Fidelity Worldwide Investment

Sharon A. Virag
Chief Financial Officer
NeoGenomics Laboratories, Inc.

Joan E. Waggoner
Former Partner in Professional Standards
Plante Moran, PLLC

Thomas W. White
Former Partner
WilmerHale LLP

Advisory Groups

Investor Advisory Committee

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

IAC Co-Chairs

Jeffrey Brickman
Senior Investor Liaison
Financial Accounting Standards Board

Chandy Smith
Senior Investor Liaison
Financial Accounting Standards Board

Members

Nichole Burnap*
Director of Accounting Research
Glenview Capital

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
Senior Analyst
Zion Research Group

Matt Schechter
Private Investor

Steven Y. Yang
Private Investor

*New members in 2019

Completed Service in 2018

Jill Lehman
Head of Healthcare and TMT Research
CFRA

Advisory Groups

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.

Committee Chair

Jeffrey D. Mechanick
Assistant Director—Nonpublic Entities
Financial Accounting Standards Board

NAC Coordinator

Richard A. Cole
Supervising Project Manager
Financial Accounting Standards Board

Members

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

Alyssa Federico*
Vice President & Director—Finance
Foundation for the Carolinas

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

Kelly Frank
CPA, Partner
Crowe LLP

David Gagnon
Partner, Audit
National Industry Leader, Higher Education and Other Not-for-Profits

KPMG LLP

John D. Griffin
Senior Vice President and Controller
AARP

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

Kim E. Keenoy
Senior Vice President,
Senior Relationship Manager

Bank of America Merrill Lynch

John Kroll
Associate Vice President for Finance
The University of Chicago

Kimberly K. McKay
Managing Partner
BKD, LLP

Carolyn Mollen
Vice President and Chief Financial Officer
Independent Sector

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

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

Andrew Prather
Shareholder
Clark Nuber PS

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

Tammy R. Waymire
Associate Professor
Middle Tennessee State University

*New members in 2019

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 2018

Deborah Gillespie
Vice President, Finance and Administration and Secretary/Treasurer
The Joyce Foundation

Advisory Groups

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.

Committee Chair

Alicia A. Posta
Assistant Director
Financial Accounting Standards Board

Members

Gary J. Bachman
Chief Operating Officer
Pzena Investment Management, Inc.

Frank Cesario*
Chief Financial Officer
CTI Industries Corporation

Rick Day
National Director of Accounting
RSM US LLP

John Exline
Chief Financial Officer
Clark Investment Group

David Gonzales
Vice President — Senior Accounting Analyst
Moody’s Investors Service

K. Scott Gray
Senior Vice President and Chief Financial Officer
Luby’s, Inc.

Shannon Greene
Senior Vice President and Controller
Fred's, Inc.

David W. Hinshaw
Managing Partner, Professional Standards Group and SEC Practice
Dixon Hughes Goodman LLP (DHG)

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

Cortney Johnson
Chief Financial Officer
ESO Solutions, Inc.

Dominick Kerr
Partner, Global Accounting Standards and 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 Group

Marshall Minoux
Underwriting Director/Construction Services
Travelers

Doug Reynolds
Partner, Accounting Principles Consulting Group
Grant Thornton

Robert B. Vogt
Partner, Professional Practice Group
EY

*New members in 2019

Completed Service in 2018

Tim Caffrey
President
Ty View Capital

John Zimmer
Managing Director
First Lake Advisors

Advisory Groups

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

Jason Bond
Practice Fellow
Financial Accounting Standards Board

Members

Kimber Bascom
Partner
KPMG LLP

Paul A. Beswick
Partner
EY

James G. Campbell
Corporate Controller
Alphabet Inc.

Terri Z. Campbell
Founder
Archer Bay Capital LLC

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

Lawrence Dodyk
Partner/U.S. Business Combinations Leader
PwC

Bret Dooley
Managing Director and Director of
Corporate Accounting Policies Group

JPMorgan Chase & Co.

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

Robert Uhl
Partner
Deloitte & Touche LLP

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

*New member in 2018

Participating Observers

Sagar Teotia
Deputy Chief Accountant
U.S. Securities and Exchange Commission

James A. Dolinar
Partner
Crowe LLP
(FinREC Observer)

Yan Zhang
Partner
EisnerAmper LLP
(PCC Observer)

Completed Service in 2018

Carl Kampel
Director in Charge of Professional Standards
Ellin & Tucker, Chartered

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

Moody’s Investors Service

Advisory Groups

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

Richard A. Cole
Supervising Project Manager
Financial Accounting Standards Board

Members

Timothy J. Curt
Managing Director and Partner
Warburg Pincus LLC

Jeremy Dillard
Partner
SingerLewak LLP

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

David Lomax
Assistant Vice President and
Underwriting Officer

Liberty Mutual Insurance Company

Michael Minnis
Associate Professor
University of Chicago Booth School of Business

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

Beth I. van Bladel
Director
CFO for Hire LLC

Yan Zhang
Partner
EisnerAmper LLP

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.

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*
State Budget Administrator
State of Arkansas
(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)

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

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

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

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)

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)

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

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

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)

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

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)

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)

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)

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

*New members in 2019

Official Observer

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

Completed Service in 2018

Benjamin Barnes
Secretary, Office of Policy and Management
State of Connecticut

Alan D. Conroy
Executive Director
Kansas Public Employees Retirement System

James Lanzarotta
Partner
Moss Adams

Gerard Lian
Senior Analyst, Fixed Income Team
Invesco

B. Sue Osborn
Mayor
City of Fenton, Michigan

Mark Pepera
Chief Financial Officer
Brunswick City Schools, Ohio

Robert M. Reardon
Senior Investment Officer
State Farm Insurance Company

Tasha Repp
Business Assurance Partner, Tribal Services Group
Moss Adams

Gilbert L. Southwell III
Vice President and Senior Municipal Analyst
Wells Capital Management

Larry Stafford
Audit Services Manager
Clark County, Washington

James R. Wells
Director, Governor’s Finance Office
State of Nevada

Advisory Groups