NEWS RELEASE 11/18/11

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

Norwalk, CT, November 18, 2011 — The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of five new members to the Governmental Accounting Standards Advisory Council (GASAC). The new members will serve two-year terms beginning January 1, 2012. 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 cross-section of the GASB’s state and local government constituencies, including users, preparers, and attestors 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.

The following is a list of the newly appointed members and the constituent organizations that nominated them:

Jacqueline L. Reck, James E. Rooks and C. Ellis Rooks Distinguished Professor of Accounting, School of Accountancy, University of South Florida (nominated by the American Accounting Association)
Odd Stalebrink, Associate Professor of Public Administration, School of Public Affairs, Pennsylvania State University (nominated by the Association for Budgeting and Financial Management)
Joseph Stefko, Director of Public Finance, Center for Governmental Research (nominated by the Governmental Research Association)
Charles A. Tegen, Comptroller, Clemson University (nominated by the National Association of College and University Business Officers)
Glen Whitley, Tarant County Judge, Texas (nominated by the National Association of Counties)

"We are proud to welcome Jacqueline, Odd, Joseph, Charles, and Glen to the GASAC," said Martin J. Benison, chairman of the GASAC. "Their deep and broad experience will be valuable in providing the GASB with feedback toward setting high-quality state and local government financial reporting standards."

"On behalf of the FAF, I am pleased to welcome our new GASAC members," said Teresa S. Polley, president and CEO of the FAF. "All of these individuals have demonstrated a commitment toward greater clarity and well-informed decision making in public-sector financial reporting. We are very confident that they will provide valuable insights and leadership to the GASAC and the Board."

Fifteen of the GASAC's 30 members will complete their terms at the end of 2011. In addition to the five new appointees, the FAF reappointed nine current members of the GASAC for new terms. The FAF expects to announce one additional appointment before the end of the year.

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.