FINANCIAL ACCOUNTING FOUNDATION NAMES TWO NEW MEMBERS TO GOVERNMENTAL
ACCOUNTING STANDARDS ADVISORY COUNCIL
Norwalk, CT, May 29,
2014—The Board of Trustees of the Financial Accounting Foundation (FAF)
today announced the appointment of two new members to the Governmental
Accounting Standards Advisory Council (GASAC).
Douglass is the treasurer for the state of Maine and represents the
Council of State Governments.
Mr. Richard Larkin is a
senior vice president and director of credit analysis for HJ Sims & Company,
Inc. and represents the Securities Industry and Financial Markets
The GASAC is responsible for advising the Governmental
Accounting Standards Board (GASB) on technical issues, project priorities, and
other matters that affect standards setting for accounting and financial
reporting by state and local governments. The new members, whose appointments
are effective immediately, will serve terms that extend to December 31, 2015.
"We are pleased to welcome Neria and Richard to the GASAC," said FAF
President and Chief Executive Officer Teresa S. Polley. "Both have demonstrated
a strong commitment to working toward well-informed decision making in public
sector financial reporting."
"Neria and Richard´s backgrounds will be of
great value to the GASAC as we provide the GASB with thoughtful feedback,
insight, and analysis needed to achieve its goal of continually improving
accounting standards used by state and local governments," added GASAC Chairman
Martin J. Benison.
Members of the GASAC are chosen from 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.
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
About the Governmental Accounting Standards
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 range of stakeholder groups, 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,