Board diversity is a necessary element when setting standards for approximately 90,000 state and local governments-which differ dramatically in size, complexity, and resources.īeyond Board make up reflecting these classifications, the FAF always strives on behalf of the GASB to identify and install candidates reflecting a diversity of experiences and backgrounds. This Board composition has served the GASB well with each member bringing a unique perspective to the Board through different work experiences and areas of expertise. Current membership and makeup of the GASB is as follows: GASB members are required to have knowledge of governmental accounting and finance and a concern for the public interest in matters of accounting and financial reporting.ĭiversity of perspective is baked into the Board member selection process. The vice chairman and the remaining five members serve on a part-time basis. Board members are appointed by the FAF Board of Trustees generally for 5-year terms they may serve up to 10 years. The seven members of the GASB include a chairman and a vice chairman. More information can be found in the Strategic Plan, at BOARD MEMBERS The FAF Trustees are responsible for providing oversight and promoting an independent and effective standard-setting process.The FAF management is responsible for providing strategic counsel and services that support the work of the standard-setting Boards.The GASB and the FASB are charged with setting the highest-quality standards through a process that is robust, comprehensive, and inclusive.The GASB, the FASB, the FAF Trustees, and the FAF management contribute to the collective mission according to each one's specific role: The collective mission of the GASB, the FASB, and the FAF is to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards. Established in 1972, the FAF is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the GASB and the Financial Accounting Standards Board (FASB). The Financial Accounting Foundation (FAF) supports and oversees the GASB. 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 GASB standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). state and local governments that follow Generally Accepted Accounting Principles (GAAP). Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S.
0 Comments
Leave a Reply. |