NEWS RELEASE 12/14/09 

Financial Accounting Foundation Appoints New Members to the Governmental Accounting Standards Advisory Council

Norwalk, CT, December 14, 2009—The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of five new members to the Governmental Accounting Standards Advisory Council (GASAC) effective January 1, 2010. 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 state and local governments’ accounting and financial reporting.

Members of the GASAC are chosen from a broad cross section of the GASB’s state and local government constituencies, including preparers, attestors, and users of financial information. They are selected based on their professional expertise and in consideration of the need to bring a wide variety of constituent views to the table.

The following is a list of the newly appointed members (and the constituent organizations that nominated them) slated to begin their terms on the GASAC effective January 1, 2010:

• Martin J. Benison, Comptroller, Commonwealth of Massachusetts (nominated by the National Association of State Auditors, Comptrollers and Treasurers)
• Dominic Colafati, Chief Budget Examiner, State of New York (nominated by the National Association of State Budget Officers)
• Gary VanLandingham, Director, Office of Program Policy Analysis & Government Accountability, Florida State Legislature (nominated by the National Conference of State Legislatures)
• Mary-Katherine C. Sells, Vice President, First Southwest (nominated by the National Federation of Municipal Analysts)
• Jim Reardon, Commissioner of Finance and Management, State of Vermont (nominated by the National Governors Association)

“As state and local governments continue to confront the challenges caused by our current economic environment, it is more important than ever that a broad range of GASB constituents are heard during the standards-setting process,” stated Robert H. Attmore, chairman of the GASB. “On behalf of the GASB, I am pleased to welcome our new GASAC members, and anticipate that their fresh perspectives will further enhance the discussions and valuable input this group provides to our Board.”

“The five new GASAC members were appointed to this role based on their distinguished professional accomplishments as well as the diverse experience they bring to the table,” added FAF President Teresa S. Polley. “We are confident their participation and views will continue to add depth to the GASAC’s consideration of issues important to the GASB standard-setting process.”


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.

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.