News Release 11/25/14


Norwalk, CT, November 25, 2014—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, 2015, and are eligible to be reappointed for up to two additional consecutive terms.

The GASAC is responsible for advising the Governmental Accounting Standards Board (GASB) on technical issues, project priorities, and other matters that affect standard setting for accounting and financial reporting by state and local governments.

Members of the GASAC represent 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:
  • Mark Pepera, Chief Financial Officer, Westlake City Schools, Ohio, representing the Association of School Business Officials International
  • Bernhard Fischer, Director—Public Finance, Fitch Ratings, representing bond rating agencies
  • Brian Green, Partner, Seim Johnson LLP, representing the Healthcare Financial Management Association
  • Shirley Hughes, Finance Director and Chief Financial Officer, Boulder City, Nevada, representing the International City/County Management Association
  • Wayne Gerhold, Owner, Law Offices of Wayne D. Gerhold, representing the National Association of Bond Lawyers
  • Demetria Hanna, Branch Chief—Economic Statistical Methods Division, U.S. Bureau of the Census, representing the Bureau of the Census
In addition to the new appointees, the FAF reappointed eight current members of the GASAC to two-year terms. Six GASAC members—Lisa Blumerman, Shirley Broz, Cline Comer, Karl Jacob, John Overdorff, and Steven Thompson—will complete their service at the end of December 2014.

“The FAF and the GASB are pleased to welcome our new GASAC members, and look forward to their input on important standard-setting issues facing state and local governments,” stated FAF President and CEO Teresa S. Polley. “We also thank the six GASAC members who will complete their terms for their commitment of time and resources to helping us improve financial reporting for all of our stakeholders.”

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 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,