Standards That Work

From Main Street to Wall Street

STAKEHOLDER ENGAGEMENT

The FASB and the GASB follow an extensive due process, along with time-tested methods to collect and assess diverse input from stakeholders. This independent process serves investors, markets, and stakeholders well. The Boards continually strive to solicit input from diverse groups and to educate stakeholders and policymakers about the value of independent standard setting.

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

Supporting Stakeholders Through COVID-19

Over the last year, the FASB, GASB, and FAF remained as committed as ever to supporting stakeholders through this unique time. We continued to seek input from stakeholders from Main Street to Wall Street. By monitoring and responding to the situation as it evolved, we sought to reduce the impact of the COVID-19 pandemic by providing assistance, delaying standard implementations, and ensuring stakeholder needs were our first priority.

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 and FAF Executive Director

At the conclusion of our annual report letter last year, as the coronavirus pandemic spread across the world, we offered this thought to our stakeholders:

Looking back on the tumultuous events of 2020, we are proud of the remarkable leadership the FASB and the GASB showed. They moved rapidly to adjust effective dates for new standards, provided swift guidance for pressing accounting issues arising from the pandemic, and, with FAF’s help, created dedicated landing pages to give stakeholders easy access to essential information needed for time-sensitive accounting decisions. These actions highlighted a year in which both Boards made extraordinary efforts to stay ever more closely connected to stakeholders.

The new chairs of the FASB and the GASB, Richard R. Jones and Joel Black, officially began their terms of service in July. We subsequently welcomed two new technical directors, Hillary H. Salo (FASB) and, in early 2021, Alan Skelton (GASB). All four of these new leaders bring a wealth of knowledge from the public and private financial sectors. Interestingly, all four have previously contributed their time and expertise to the standard-setting process, either as a member of our key advisory councils or, in Hillary’s case, her early career stint as a FASB postgraduate technical assistant. We are fortunate to have them in their new roles.

We also bid farewell to David R. Bean who recently retired as GASB director of research and technical activities after more than 30 years of service in that critical role. One metric suffices to highlight Dave’s influence on our organization: he personally helped shape 90 of the 97 standards issued by the GASB since its inception. We will miss Dave’s thoughtful insight, tenacious leadership, and wise mentoring of a generation and more of GASB staff members.

We also acknowledge the profound loss of a dear colleague who passed away earlier this year: FAF Trustee David C. Villa. David was a dedicated public servant for the state of Wisconsin and a member of the FAF Board of Trustees since 2018. He was a warm and kind person who brought great thoughtfulness and keen insight to the Board. He was deeply committed to his family and his community and sought to honor his upbringing as a child of educators by giving back. We will miss his inquisitive and purposeful approach to the work of the Board.

In 2022, the FAF will recognize its 50th year. As we look to the future, we remain committed to ensuring we are able to effectively achieve our mission. Among the important tasks ahead, we must successfully implement a new technology platform that will modernize the systems we use to write and publish our standards. We must continue to identify and appoint highly qualified leaders to our Boards and advisory councils. We must also redouble our efforts to become an organization that lives the values of diversity, equity, and inclusion that are vital to our present and future success.

In closing, we would like to express our gratitude to the FAF Trustees whose terms ended last year: Charles M. Allen, Christine M. Cumming, Eugene Flood Jr., Kenneth B. Robinson, and Diane M. Rubin. We also welcome our new Trustees – Timothy L. Christen, Lynnette Kelly, Richard N. Reisig, Sarah E. Smith, and Robin L. Washington. We are so grateful to everyone who shares their talent with us. Whether for a year, or several decades, every person, every perspective has added value to our organization.

We could not be more proud of the employees and leaders of the FASB, GASB, and FAF. Their commitment to our standard-setting mission sustained us through a very challenging year. All of us look forward to returning to the office, holding in-person meetings, traveling, and resuming, with renewed appreciation for face-to-face conversation, the work of serving our stakeholders.

Sincerely,

Kathleen L. Casey, Chair

John W. Auchincloss, Executive Director

Message from the
FASB Chair

In 2020, the COVID-19 pandemic had a profound effect on many of our stakeholders. As we work together to overcome its challenges, we look forward with optimism to what the future holds.

2020 also saw the departure of our past chairman, Russ Golden, as well as the addition of our new technical director, Hillary Salo. Russ leaves behind a strong organization and we thank him for all he has done. Hillary has already made great strides in identifying and implementing ways to further strengthen our organization to fulfill our mission.

When I became FASB chair on July 1, 2020, one of my first priorities was to engage in as much active listening as possible. Initially, I was concerned that, due to the demands of the COVID-19 crisis, our stakeholders would lack the bandwidth to participate in our standard-setting process.

My concerns were unfounded. Despite many challenges, you continue to actively engage with us. Over the past year, I’ve participated in almost-daily virtual meetings with many diverse stakeholder groups. Thanks to your feedback at these meetings, we’ve been able to learn what’s most important to you—which, in turn, helps us determine what our medium and long-term priorities should be.

For example, your input proved critical to our ability to efficiently identify and address pandemic-related accounting issues. Consequently, we delayed certain effective dates for small public and private companies and organizations. We extended comment deadlines for key exposure documents and provided educational resources to help stakeholders apply accounting guidance on rent holidays, debt restructurings, and other pandemic-related issues. And we continued all year to monitor your questions submitted through our technical inquiry service.

My Board colleagues and I are sensitive to the fact that we’ve just emerged from a period of major accounting change, driven by recent guidance on revenue recognition, leases, and credit losses. While these standards made GAAP even stronger, I believe that, with more than 11,000 pages in our Codification, there are few issues not already addressed in accounting literature. But there’s always room for improvement. We’ll continue to seek opportunities to provide better, more useful information to investors, reduce unnecessary cost and complexity, and ensure accounting literature remains relevant as businesses and our economy evolve.

With that in mind, one of my goals as chair is to focus on “achievable standard setting.” Starting in mid-2020, we parsed through our extensive agenda, finished the projects we could, set a path forward for successful completion of others, and removed projects our Board judged would not present an achievable path to standard setting. At this writing, we’ve completed almost 90% of that review. We expect to cover the remaining projects by the end of 2021.

We also launched a new agenda consultation—our first in five years—to determine what issues we should tackle next. We expect to issue an Invitation to Comment on potential agenda projects in midyear 2021, which will give you the opportunity to help set our priorities.

Another area of focus is our post-implementation review (PIR) of major standards on revenue recognition, leases, and credit losses. The PIR process is the “quality control” part of standard setting that allows us to examine whether standards are performing as originally intended. We rely on outreach with investors, preparers, and practitioners to help us identify areas of improvement not only with those standards but also with our standard-setting process.

Finally, the FASB continues to complete two major projects that have been in flight for several years: efforts to improve goodwill and segment reporting. On goodwill, we are currently pursuing an “impairment test with amortization” model that would reflect that what is acquired and initially ascribed to goodwill decreases in value over time. Although the Board has not yet deliberated specific changes to the impairment model, I expect that an impairment test will remain as part of the model. We expect to issue an Exposure Draft for comment in early 2022.

Our project on segment reporting would provide investors with more information about how a company’s various operating segments perform. We’re currently focused on a consistent “chief operating decision-maker approach” and expect to issue an exposure document for public comment in early 2022.

Your support of the FASB’s activities through these difficult times reminds me that independent standard setting is a great asset and a great privilege. It’s a great asset because it allows us to solicit and incorporate diverse views into our process, providing investors and other financial statement users with relevant, unbiased information in the most cost-effective way possible. It’s a privilege because the FASB must continually earn the right to set standards. We are judged by how well we execute the standard-setting process, and we always welcome your views on how we could improve.

My outstanding colleagues at the FASB are committed to earning your trust every day. We look forward to serving you in 2021 and beyond.

Sincerely,

Richard R. Jones, Chair


2020 FASB Highlights

Key Standards Issued in 2020

  • Financial Services—Insurance: Effective Date and Early Application
  • Codification Improvements
  • Codification Improvements to Receivables—Nonrefundable Fees and Other Costs
  • Not-for-Profit Entities: Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets
  • Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
  • Revenue from Contracts with Customers and Leases: Effective Dates for Certain Entities
  • Facilitation of the Effects of Reference Rate Reform on Financial Reporting
  • Codification Improvements to Financial Instruments
  • Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)

Message from the
GASB Chair

In any given year, it is challenging to make sure our stakeholders have the resources they need from us to prepare, audit, and interpret GAAP financial reports. New dimensions were added to this challenge in 2020, including the global pandemic, changes in leadership, and redefining future priorities to meet evolving stakeholder needs.

COVID-19 Relief Measures
State and local governments became overstretched as the pandemic took hold, so the Board took action to provide a variety of tools to help ease their accounting burdens. Last spring, the GASB posted a COVID-19 resource center on its website as a one-stop location for stakeholder resources.

Almost immediately, we offered an emergency toolbox to help stakeholders quickly identify specific guidance relevant in the current circumstances—even if they had never applied it previously. It also let them know who on our staff to talk to about questions.

Soon after, the Board acted to postpone the effective dates of more than a dozen recent standards, including leases and fiduciary activities, by a year or more. The Board also issued a document providing answers to specific stakeholder questions about accounting for the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

GASB leadership and staff addressed other issues stakeholders raised in outreach meetings, and at dozens of virtual educational presentations at conferences and other events. In 2020, the Board and staff also answered hundreds of other individual stakeholder questions arising from the pandemic.

Changes in Leadership
The past year marked two major changes in GASB’s leadership ranks.

Concluding his term in June, former GASB Chairman David Vaudt left us a more modern organization with stronger stakeholder relationships than ever before. Once the FAF Trustees selected me as incoming chair early last year, I had the privilege of working closely with Dave until my term began in July, greatly easing the entire transition process.

David Bean, who served as GASB’s director of research and technical activities for more than 30 years, retired in spring 2021. His impact on governmental accounting cannot be overstated. No one has done as much or devoted more time and expertise to improving what we do. He led, grew, and nurtured the GASB family for three decades; that is Dave’s true legacy.

Following a national search, we selected Alan Skelton, the former Georgia state accounting officer, as Dave Bean’s successor. I have known Alan professionally for many years and worked with him closely on our advisory council, the Governmental Accounting Standards Advisory Council, where we served together. He shares my passion for the evolution of the organization as we look ahead together.

Current Priorities and the Future
A trio of related projects launched by Dave Vaudt will redefine the future of financial reporting for governments. Our current efforts on the financial reporting model look at what information future financial reports should present. At the same time, we are evaluating how revenues and expenses should be recognized within that model, and what disclosures would provide a more informed understanding of financial statements overall.

The Board published documents on these efforts in 2020 to learn stakeholders’ views and gain their insights. Last fall, we offered a series of educational webinars on these projects to help bring everyone up to speed and then held a series of virtual events this spring so stakeholders could share their thinking directly with the Board. Their ideas help us to improve governmental financial reporting.

These projects show how, with strong stakeholder input and ideas, governmental accounting and financial reporting remain vital. Technology will continue to be a part of the evolution. We are mindful of how technology affects our stakeholders, affects us as a standard setter, and creates opportunities for further improvements in our process and in government financial reporting.

With my fellow Board members, I am excited to carry on the GASB’s important work in 2021 and beyond. I look forward to the opportunity to meet with stakeholders in person when that becomes possible again. I am committed to continuing the dialogue we have begun. Working together, I know we will continue to make important strides forward in improving accounting and financial reporting for state and local governments in the United States.

Sincerely,

Joel Black, Chair


2020 GASB Highlights

Final Statements, Technical Bulletins, and Implementation Guides

  • Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans
  • Replacement of Interbank Offered Rates
  • Subscription-Based Information Technology Arrangements
  • Public-Private and Public-Public Partnerships and Availability Payment Arrangements
  • Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases – (Technical Bulletin)
  • Omnibus 2020
  • Implementation Guide No. 2020-1, Implementation Guidance Update—2020
  • Postponement of the Effective Dates of Certain Authoritative Guidance

Exposure Drafts and Preliminary Views

  • Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements
  • Recognition of Elements of Financial Statements
  • Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans
  • Financial Reporting Model Improvements
  • Postponement of the Effective Dates of Certain Authoritative Guidance
  • Revenue and Expense Recognition – (Preliminary Views)
  • Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases
  • Implementation Guidance Update—2021

FAF Board of Trustees

Officers

Kathleen L. Casey
Chair

Mary E. Barth
Vice Chair

T. Eloise Foster
Secretary and Treasurer

John W. Auchincloss
Executive Director

Mary P. Crotty
Chief Operating Officer

Trustee Committees

  • 1 Executive Committee
    Kathleen L. Casey, Chair
    Mary E. Barth, Vice Chair
  • 2 Appointments Committee*
    Anthony J. Dowd, Chair
  • 3 Audit and Finance Committee
    Lawrence Salva, Chair
  • 4 Compensation Committee
    Susan J. Carter, Chair
  • 5 Standard-Setting Process Oversight Committee
    T. Eloise Foster, Co-Chair
    Timothy F. Ryan, 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 the FASB

Members of the GASB

WELCOME

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

Joined January 2021

Timothy L. Christen
Chairman and retired CEO of Baker Tilly International Ltd.

Joined January 2021

Lynnette Kelly
Former President and Chief Executive Officer of the Municipal Securities Rulemaking Board (MSRB)

Joined January 2021

Richard N. Reisig
President and Chief Executive Officer for Anderson ZurMuehlen & Company, P.C.

Joined January 2021

Robin L. Washington
Retired Executive Vice President and Chief Financial Officer for Gilead Sciences, Inc.

Joined January 2021

Sarah E. Smith
Senior Advisor and Former Chief Compliance Officer and Chief Accounting Officer for Goldman Sachs Group, Inc.

Joined July 2020

Richard R. Jones
Chair, FASB

Joined August 2020

Hillary H. Salo
Technical Director,
Chair, Emerging Issues Task Force

Joined July 2020

Joel Black
Chair, GASB

Joined July 2020

Dianne E. Ray
Board Member, GASB

Joined April 2021

Alan Skelton
Director of Research and Technical Activities

THANK YOU

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

Completed service in December 2020

Charles M. Allen
FAF Trustee, Retired Partner and Past Chief Executive Officer, Crowe LLP

Completed service in December 2020

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

Completed service in December 2020

Eugene Flood, Jr.
FAF Trustee, Independent Director, Janus Henderson Group

Completed service in December 2020

Kenneth B. Robinson
FAF Trustee, Retired Senior Vice President, Internal Audit Services, Exelon Corporation

Completed service in December 2020

Diane M. Rubin
FAF Trustee, Retired Audit Partner and Quality Control Partner, Novogradac & Company LLP

Completed service in June 2020

Russell G. Golden
FASB Chairman

Completed service in June 2020

David A. Vaudt
GASB Chairman

Completed service in April 2021

David R. Bean
Director of Research and Technical Activities

Completed service in June 2020

Michael H. Granof
Board Member, GASB

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 chair 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 and emerging trends in the marketplace.

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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.

Read More

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®.

Read More

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 chair 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
Chair and CEO
Deloitte & Touche LLP

James A. Andrus
Investment Manager
CalPERS

Avi Berg
Formerly with Elm Ridge Capital Management

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

Rudolf A. Bless
Chief Accounting Officer
Bank of America 

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

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

Karen J. Garnett
Partner
Proskauer Rose LLP

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

David Gonzales*
Vice President — Senior Accounting Analyst
Moody’s Investors Service, Inc.

Elizabeth Graseck
Managing Director
Morgan Stanley, Research Division

Howard B. Guild
Chief Accounting Officer
Schlumberger Limited

Elizabeth A. Hall*
Financial Controller
Mars, Incorporated

Clare A. Hart*
Portfolio Manager, Managing Director
J.P. Morgan Asset Management

Mary Hoeltzel
Vice President, Global Chief Accounting Officer
Cigna Corporation

Heather Horn*
Deputy Chief Accountant and Strategic Thought Leader
PwC LLP

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

Alice L. Jolla
Chief Accounting Officer and Corporate Vice President
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 

Lara T. Long*
Vice President, Chief Accounting Officer
AGCO Corporation

Kevin M. Mixon
Analyst
Miura Global Management, LLC 

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

Nirav S. Parikh*
Senior Investment Analyst
Mutual of America Capital Management

John W. Pietrowicz
Senior Managing Director and CFO
CME Group

Brian Regan*
Managing Director and Chief Financial Officer
Spectrum Equity

Andrew L. Skatoff
Founder & Chief Investment Officer
Bancreek Capital Management, LP

Amie Thuener
Vice President, Chief Accountant
Alphabet

J.W. Verret JD, CPA/CFF, CFE*
Associate Professor of Law
Antonin Scalia Law School
George Mason University, Forensic Accountant and Accounting Expert Witness
Veritas Financial Analytics, LLC

Greg Wachsman
Vice President, Equity Research Analyst
VOYA Investment Management

John White
Partner—Corporate
Cravath, Swaine & Moore LLP

Teri Lombardi Yohn
Professor of Accounting
Goizueta Business School
Emory University

*New member in 2021

COMPLETED SERVICE IN 2020

Susan M. Callahan
Formerly with Ford Motor Company

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

Zachary Gast
Formerly with CFRA

David Schmid
Partner
PwC LLP

Advisory Groups

Investor Advisory Committee

Provides advice, from the investors' perspective, on current and potential FASB agenda projects and emerging trends in the marketplace. 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
Teachers Retirement System of Texas

Todd Castagno
Executive Director and Equity Research Analyst
Morgan Stanley

Kevyn Dillow*
Vice President, Senior Accounting Analyst
Moody’s Investors Service

Yoni Engelhart
Partner
Schilit Forensics

Ronald J. Graziano*
Managing Director, Global Accounting & Tax Research
Credit Suisse Group

Mark Hamel
Principal
Assay Research

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

Dennis Neveling*
Managing Director and Analyst, Global Consumer Staples
Lazard Asset Management

Janet Pegg
Analyst
Zion Research Group

*New member in 2021

Completed service in 2020

Trevor Harris
Arthur J. Samberg Professor Emeritus of Professional Practice
Accounting
Columbia Business School

Katherine Hensel
Private Investor

Shripad Joshi
Senior Director
S&P Global Ratings

Steven Y. Yang
Research Analyst
7Park Data

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.

NAC Chair

Jeffrey D. Mechanick
FASB Assistant Director—Nonpublic Entities

FASB LIAISON

Christine Ann Botosan
Member
Financial Accounting Standards Board

NAC COORDINATOR

Jenifer J. Wyss
Supervising Project Manager
Financial Accounting Standards Board

NAC Members

John Alfonso*
Partner, Not-for-Profit & Education Industry Leader
CohnReznick LLP

Kevin Carey
Chief Financial Officer
Young Adult Institute, Inc.

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

Tina Dzik*
Partner
Cohen & Company

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

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

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

Barbara Potts
System Vice President – Finance
SSM Health

Christine E. Terhark*
Audit & Assurance Managing Director
Deloitte & Touche LLP

Tammy R. Waymire
Professor
Middle Tennessee State University

Andrea Wright
Partner
Johnson Lambert LLP

*New member in 2021

Observers

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

Christopher Cole
AICPA

Completed Service in 2020

Kelly Frank
Partner
Crowe LLP

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

Dennis Morrone
National Managing Partner, Not-for-Profit & Higher Education Practices
Grant Thornton LLP

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.

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 Financial Officer
GQG Partners

Rick Day
Partner, National Director of Accounting
RSM US LLP

Jessica R. Doran**
Chief Financial Officer
Pzena Investment Management

Richard E. Forrestel**
Treasurer
Cold Spring Construction

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

K. Scott Gray
Chief Financial Officer
Twin Peaks Restaurants

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

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*
Chief Executive Officer
Planters First Bank

James A. Rotherham*
Audit Partner
Baker Tilly US, LLP

Jonathan C. Tomazic**
Partner
Marcum LLP

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

*New member in 2020
**New member in 2021

Completed Service in 2020

Frank J. Cesario
Chief Financial Officer
CTI Industries Corporation

Shannon L. Greene
Chief Financial Officer
Stewart Organization

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

Cortney Johnson
Chief Financial Officer
ESO Solutions, Inc.

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

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

Hillary H. Salo
Technical Director
Financial Accounting Standards Board

EITF Coordinator

David Yates
Practice 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

Kevin McBride
Corporate Controller and Principal Accounting Officer
Intel Corporation

Liesl Nebel
Consultant & Advisor

Jeffrey Nickell
Partner
Deloitte & Touche LLP

Dan Palomaki*
Citigroup Inc.

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 2021

Participating Observers

John Vanosdall
Deputy Chief Accountant
Securities and Exchange Commission

Angela Newell (FinREC)
National Assurance Partner
BDO USA, LLP

Holly Nelson (PCC)
Chief Executive Officer
Key Advisory Services

Completed Service in 2020

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

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

Jenifer J. Wyss
Supervising Project Manager
Financial Accounting Standards Board

PCC Members

Zubin Avari
Managing Partner
Charter Oak Equity, LP

Timothy Curt
Former Managing Director
Warburg Pincus LLC

Jeremy Dillard
Partner
SingerLewak LLP

David Lomax
Assistant Vice President and
Underwriting Officer

Liberty Mutual Insurance Company

Robert Messer*
Senior Executive Vice President, Chief Financial Officer-Chief Risk Officer
American National Bank of Texas

Michael Minnis
Associate Professor
University of Chicago Booth School of Business

Holly Nelson
Chief Executive Officer
Key Advisory Services

Douglas Uhl*
Principal Team Leader, Corporate Accounting Policy
Chick-fil-A, Inc.

Yan Zhang
Partner
EisnerAmper LLP

*New member in 2021

Completed Service in 2020

Richard Reisig
Chief Executive Officer
Anderson ZurMuehlen & Company, PC

Dev Strischek
Principal
Devon Risk Advisory Group

Frank Tarallo
Chief Executive Officer
Theragenics Corporation

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, WI
(Nominated by the Government Finance Officers Association)

GASAC Vice Chair

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

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 Employee's Retirement System
(Nominated by the National Association of State Budget Officers)

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

Kristine Brock*
Assistant City Administrator and Chief Financial Officer
City of Franklin, TN
(Nominated by the International City/County Management Association)

Chris B. Brown*
Controller
City of Houston, TX
(Nominated by the National League of Cities)

Thad Calabrese
Associate Professor
Robert F. Wagner Graduate School of Public Service
New York University
(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)

Davis A. Collins*
Municipal Credit Analyst Fixed Income Division
T. Rowe Price
(Nominated by the Investment Company Institute)

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)

Robert Hamilton*
Statewide Accounting and Reporting Services Manager
State of Oregon
(Nominated by the National Association of State Auditors, Comptrollers & Treasurers)

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)

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)

Joseph R. 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)

Samuel Thomas Owl, Jr.*
National Tribal Services Leader
CLA—Washington, DC
(Nominated by the Native American Finance Officers Association)

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

Elizabeth Pearce*
Treasurer
State of Vermont
(Nominated by the National Association of State Treasurers)

Kevin W. Smith
Managing Partner, Public Sector Services
Crowe
(Nominated by the American Institute of CPAs)

Stephen B. Stuart*
Vice President and Research Director
Bureau of Governmental Research
(Nominated by the Governmental Research Association)

Daron S. Tarlton*
Professional Practice Partner, Assurance
DHG Healthcare
(Nominated by the Healthcare Financial Management Association)

Elizabeth E. Thomas*
Attorney
Butler Snow
(Nominated by the National Association of Bond Lawyers)

Phillip M. Vidal*
Chief, Pensions Survey Branch
U.S. Census Bureau
(Nominated by the U.S. Census Bureau)

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
Mansfield Independent School District, TX
(Nominated by the Association of School Business Officials International)

*New members in 2021

Official Observer

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

Completed Service in 2020

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

Wayne D. Gerhold
Principal
Law Offices of Wayne D. Gerhold, PA
(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)

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

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

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

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

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

Alan Skelton
State Accounting Officer
State of Georgia

Advisory Groups