FINANCIAL ACCOUNTING FOUNDATION NAMES SIX NEW MEMBERS TO THE GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCILNorwalk, CT, November 25, 2013—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of six new members to the Governmental Accounting Standards Advisory Council (GASAC). The new members will serve two-year terms beginning January 1, 2014. 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.
In addition to the six newest members, the FAF Trustees re-appointed Martin J. Benison as GASAC chairman, a position he has held since 2011. The FAF also announced that the Association of Financial Guaranty Insurers (AFGI) was added to the GASAC as a member organization.
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.
The following is a list of the newly-appointed members and the constituent organizations that nominated them:
- Sandra Moorman, Controller, Sacramento Municipal Utility District, representing the American Public Power Association
- Daniel Smith, Assistant Professor of Public Budgeting and Financial Management, Robert Wagner School, New York University, representing the Association for Budgeting and Financial Management
- Barbara Flickinger, Managing Director, Portfolio Surveillance, National Public Finance Guarantee Corporation, representing the Association of Financial Guaranty Insurers
- Lealan Miller, Director, Government Services, Eide Bailly, representing the Association of Government Accountants
- Robert Schultze, Director, Virginia Retirement System, representing the National Association of State Retirement Administrators
- Stephen Klein, Director, Vermont Joint Fiscal Office, representing the National Conference of State Legislatures.
“We are very pleased to welcome Sandra, Daniel, Barbara, Leelan, Robert, and Stephen to the GASAC,” said Mr. Benison. “Having the benefit of their broad and diverse experience in public sector financial reporting will be of great value in providing the GASB with the feedback needed to achieve its goal of continually improving accounting standards used by state and local governments. We also express our gratitude to Eric, Vance, Pat, Odd, Gary, and Mindy for their outstanding contributions to the GASAC.”
“The FAF is proud to welcome our new GASAC members,” added FAF President and Chief Executive Officer Teresa S. Polley. “Each of these individuals has shown a strong commitment for working toward well-informed decision making in public sector financial reporting. We are fully confident that they will provide valuable insights and important perspectives to the GASAC and the Board.
“We also are delighted to announce that Marty Benison will continue in his role as GASAC chair,” continued Ms. Polley. “As leader of the GASAC since 2011, Marty has skillfully managed and facilitated a full schedule of meetings that have generated valuable input for the GASB in its mission to improve financial reporting of state and local governments.”
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB). The Foundation is also 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 constituency, 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, www.gasb.org.