NEWS RELEASE 11/16/21
Financial Accounting Foundation Trustees Announce Appointment of Jacqueline Reck and Reappointment of Kristopher Knight to the Governmental Accounting Standards Board (GASB)
Norwalk, CT—November 16, 2021—The Board of Trustees of the Financial Accounting Foundation (FAF) announced today the appointment of Jacqueline L. Reck and the reappointment of Kristopher E. Knight to the Governmental Accounting Standards Board (GASB). Dr. Reck’s term will be effective July 1, 2022, and will run until June 30, 2027, when she will be eligible for a second five-year term. Mr. Knight, who was originally appointed to the GASB on July 1, 2017, will serve his second term effective July 1, 2022, and concluding on June 30, 2027.
The GASB is the independent, private-sector organization that sets accounting standards for state and local governments in the United States. The FAF oversees the activities of the GASB and its sister accounting standard setter, the Financial Accounting Standards Board (FASB).
Dr. Reck is an associate dean of Financial Management & Academic Affairs and the James E. Rooks and C. Ellis Rooks Distinguished Professor of Accounting at the Muma College of Business at the University of South Florida. In addition to teaching financial and governmental and not-for-profit accounting, she has focused her research on governmental accounting and auditing, accounting information systems, and the reporting and use of financial information. In 2020, Dr. Reck was recognized by the American Accounting Association’s Government and Nonprofit Section with the Enduring Lifetime Contribution Award.
Dr. Reck is an accomplished professor, has published extensively in peer-reviewed academic journals, and has co-authored a textbook related to governmental and not-for-profit accounting. She was a member of the Governmental Accounting Standards Advisory Council (GASAC) from 2012 to 2017, serving as vice chair in 2016 and 2017. Dr. Reck is a certified public accountant.
“The Board of Trustees is pleased to welcome Jackie and to have Kris serve another term on the GASB,” said Kathleen L. Casey, chair of the FAF Board of Trustees. “We look forward to the insights and perspectives they will bring to the work of the GASB,” Ms. Casey added.
In addition to Mr. Knight’s role as a member of the Board for the GASB, he currently serves as Delaware’s deputy secretary of state and director of the state’s Division of Corporations. Mr. Knight oversees the state’s $1.6 billion corporate franchise and servicing of the 1.7 million business entities that make their legal home in Delaware. He also supervises several divisions of the Delaware Department of State, including the Office of the State Banking Commissioner, the state’s Corporate and International Development office, and Delaware’s abandoned property Voluntary Disclosure Agreement program. In addition, Mr. Knight was formerly the state comptroller for the state of Delaware.
“Jackie is well respected in the governmental accounting community as a colleague, professor, researcher, and governmental accounting expert. Her deep knowledge of governmental accounting, and her experience on the GASAC and involvement in GASB due process, will serve our stakeholders well, and I am excited to have her join the Board,” said GASB Chair Joel Black. “I very much look forward to continuing to work with Kris as he begins his second five-year term.”
Dr. Reck’s appointment will fill the vacancy created as James E. Brown completes his second five-year term on the GASB. During his impressive tenure, Mr. Brown voted on the issuance of Statements 69 through 98—dealing with topics such as other postemployment benefits, leases, and fair value measurement—13 Implementation Guides, and a Technical Bulletin in 2020 that provided governments with guidance on accounting issues prompted by the COVID-19 pandemic. He was actively involved from the start of three major ongoing projects: the Financial Reporting Model Reexamination, Revenue and Expense Recognition, and Disclosure Framework.
“I would like to thank Jim for his dedicated service to the GASB,” said Joel Black. “Jim brought a thoughtful perspective as a former auditor to the Board’s discussions. He made a significant contribution to our work with his encyclopedic knowledge of the standards of the GASB and other standard setters. We are grateful for his committed service to the Board, which still has several months to go.”
For a complete list of current GASB members, visit the GASB webpage.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Governmental Accounting Standards Board
Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. For more information, visit www.gasb.org.