News Release 05/29/14


Norwalk, CT, May 29, 2014—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of two new members to the Governmental Accounting Standards Advisory Council (GASAC).

Ms. Neria Douglass is the treasurer for the state of Maine and represents the Council of State Governments.

Mr. Richard Larkin is a senior vice president and director of credit analysis for HJ Sims & Company, Inc. and represents the Securities Industry and Financial Markets Association.

The GASAC is responsible for advising the Governmental Accounting Standards Board (GASB) on technical issues, project priorities, and other matters that affect standards setting for accounting and financial reporting by state and local governments. The new members, whose appointments are effective immediately, will serve terms that extend to December 31, 2015.

“We are pleased to welcome Neria and Richard to the GASAC,” said FAF President and Chief Executive Officer Teresa S. Polley. “Both have demonstrated a strong commitment to working toward well-informed decision making in public sector financial reporting.”

“Neria and Richard’s backgrounds will be of great value to the GASAC as we provide the GASB with thoughtful feedback, insight, and analysis needed to achieve its goal of continually improving accounting standards used by state and local governments,” added GASAC Chairman Martin J. Benison.

Members of the GASAC are chosen from a cross-section of the GASB’s state and local government stakeholders, including users, preparers, and auditors of financial information. GASAC members are selected on the basis of their professional expertise and the depth and variety of experience they bring to their work on the Council.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse range of stakeholder groups, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website,