Expansion of GASAC Announced

The GASB has announced that the Financial Accounting Foundation’s (FAF’s) board of trustees has approved the addition of three organizations to the membership of the Governmental Accounting Standards Advisory Council (GASAC), which “advises the GASB on strategic and technical issues, project priorities, and other matters that affect standard setting.” The purpose of the expansion is to obtain “critical new perspectives” regarding the current accounting and financial reporting matters that affect U.S. governmental entities (including those at the state and local level).

The FAF’s board of trustees will consider nominations for the new member organizations’ GASAC representatives in the fall of 2024. The representatives will begin their two-year terms on January 1, 2025, and can be “reappointed for up to two additional consecutive two-year terms.”

For more information, see the press release on the GASB’s Web site.