NEWS RELEASE 10/06/11
Michael Belsky Resigns from the Governmental Accounting Standards
Board
Norwalk, CT, October 6, 2011—Michael Belsky, one of
six part-time members of the Governmental Accounting Standards Board (GASB), has
submitted his resignation, effective Friday, October 7. Mr. Belsky has accepted
a position with an investment advisory firm active in the municipal bond
business that also works directly with government agencies and institutions.
The resignation was announced by the Financial Accounting Foundation
(FAF), the independent, private-sector organization that is responsible for the
oversight, administration, and finances of the GASB and the Financial Accounting
Standards Board (FASB). The GASB sets U.S. accounting standards for state and
municipal governments.
Because of their part-time status, GASB members
are permitted to hold other positions while serving on the Board. However, they
are barred from employment that may create or may appear to create a conflict of
interest with their Board responsibilities.
“I was honored to have served
as a GASB member and appreciate the public trust afforded the GASB and its
members to conduct their standard-setting activities with independence and
objectivity,” said Belsky, a former mayor of Highland Park, Illinois. “I have
found that with this new position, I could not assure myself or the Foundation
that my employment would not present conflicts of interests with my obligations
to the GASB. Accordingly, I have made the decision to leave the
GASB.”
“Michael’s extensive background as both an elected official and a
bond market analyst enabled him to bring both perspectives to his contributions
to the Board,” said John J. Brennan, chairman of the Board of Trustees of the
FAF. “However, we understand and respect his decision to step down from his
part-time role at the GASB. We are grateful for his contributions to the GASB
and wish him the best in his future endeavors.”
Robert H. Attmore,
chairman of GASB, added, “Michael brought his rich experience and deep
understanding of governmental finance to his service on the GASB. We will miss
his valued contributions and informed perspectives as both a preparer and a user
of government financial statements.”
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 Governmental Accounting
Standards Board and its counterpart for the private sector, the Financial
Accounting Standards Board. The FAF also is responsible for selecting the
members of both Boards and their respective Advisory Councils.