FINANCIAL ACCOUNTING FOUNDATION REAPPOINTS MICHAEL H. GRANOF TO A SECOND
TERM ON THE GASB
Norwalk, CT—February 24, 2015—The
Board of Trustees of Financial Accounting Foundation (FAF) today appointed
Michael H. Granof, PhD, CPA, EY Distinguished Centennial Professor in the
McCombs School of Business and the Lyndon B. Johnson School of Public Affairs at
the University of Texas at Austin, to a second term as a member of the
Governmental Accounting Standards Board (GASB). His term is effective from July
1, 2015 to June 30, 2020.
The FAF is the independent, private-sector
organization responsible for the oversight of the GASB and the Financial
Accounting Standards Board (FASB).
“The Board of Trustees is pleased that
Michael will serve another term on the GASB,” said FAF Chairman Jeffrey J.
Diermeier. “His expertise in governmental accounting has brought an important
perspective to the Board and he will continue to play a crucial role in its
mission to improve financial reporting for state and local
governments.”
David A. Vaudt, GASB chairman, added, “The deep
understanding about governmental financial reporting that Michael brings to the
Board has been invaluable. We appreciate that he will continue to contribute
his knowledge and insights for another term.”
Mr. Granof has been a
member of the faculty of the McCombs School of Business since 1972. Appointed in
1984 to his current role as the EY Distinguished Centennial Professor, Mr.
Granof served as Chairman of the school’s Department of Accounting from
1984–1988. He has taught at the LBJ School of Public Affairs since
1999.
Throughout his distinguished professional career, Mr. Granof has
focused on government accounting and auditing issues and has written numerous
articles and textbooks on these subjects. He is a member of the Federal
Accounting Standards Advisory Board for the federal government, and previously
served on the National Council of Governmental Accounting, the AICPA Committee
on Governmental Accounting and Auditing, the U.S. Comptroller General’s Advisory
Council on Government Auditing Standards, and various committees of the Texas
Society of CPAs.
Mr. Granof began his first term on the GASB on July 1,
2010. He is one of six part-time members serving on the seven-member Board. Mr.
Granof holds a PhD from the University of Michigan.
About the
Financial Accounting Foundation
Established in 1972, the
Financial Accounting Foundation (FAF) is the independent, private-sector,
not-for-profit organization based in Norwalk, Connecticut responsible for the
oversight, administration, financing, and appointment of the Financial
Accounting Standards Board (FASB) and the Governmental Accounting Standards
Board (GASB). The FASB and GASB establish and improve financial accounting and
reporting standards – known as Generally Accepted Accounting Principles, or GAAP
– for public and private companies, not-for-profit organizations, and state and
local governments in the United States. For more information, visit http://www.accountingfoundation.org/.
About
the Governmental Accounting Standards Board
Established in 1984,
the GASB is the independent, private-sector organization, based in Norwalk,
Connecticut, that establishes financial accounting and reporting standards for
U.S. state and local governments that follow Generally Accepted Accounting
Principles (GAAP). These standards are recognized as authoritative by state and
local governments; state Boards of Accountancy; and the American Institute of
CPAs (AICPA). The GASB develops and issues financial 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 Financial Accounting
Foundation (FAF) supports and oversees the GASB. For more information, visit http://www.gasb.org/