News Release 02/24/15

FINANCIAL ACCOUNTING FOUNDATION REAPPOINTS
MICHAEL H. GRANOF TO A SECOND TERM ON THE GASB


Norwalk, CT—February 24, 2015—The Board of Trustees of Financial Accounting Foundation (FAF) today appointed Michael H. Granof, PhD, CPA, EY Distinguished Centennial Professor in the McCombs School of Business and the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, to a second term as a member of the Governmental Accounting Standards Board (GASB). His term is effective from July 1, 2015 to June 30, 2020.

The FAF is the independent, private-sector organization responsible for the oversight of the GASB and the Financial Accounting Standards Board (FASB).

“The Board of Trustees is pleased that Michael will serve another term on the GASB,” said FAF Chairman Jeffrey J. Diermeier. “His expertise in governmental accounting has brought an important perspective to the Board and he will continue to play a crucial role in its mission to improve financial reporting for state and local governments.”

David A. Vaudt, GASB chairman, added, “The deep understanding about governmental financial reporting that Michael brings to the Board has been invaluable. We appreciate that he will continue to contribute his knowledge and insights for another term.”

Mr. Granof has been a member of the faculty of the McCombs School of Business since 1972. Appointed in 1984 to his current role as the EY Distinguished Centennial Professor, Mr. Granof served as Chairman of the school’s Department of Accounting from 1984–1988. He has taught at the LBJ School of Public Affairs since 1999.

Throughout his distinguished professional career, Mr. Granof has focused on government accounting and auditing issues and has written numerous articles and textbooks on these subjects. He is a member of the Federal Accounting Standards Advisory Board for the federal government, and previously served on the National Council of Governmental Accounting, the AICPA Committee on Governmental Accounting and Auditing, the U.S. Comptroller General’s Advisory Council on Government Auditing Standards, and various committees of the Texas Society of CPAs.

Mr. Granof began his first term on the GASB on July 1, 2010. He is one of six part-time members serving on the seven-member Board. Mr. Granof holds a PhD from the University of Michigan.


About the Financial Accounting Foundation

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

About the Governmental Accounting Standards Board

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