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

NORWALK, Conn.--(BUSINESS WIRE)--The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of six new members to the Governmental Accounting Standards Advisory Council (GASAC). The new members will serve two-year terms beginning January 1, 2013. 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.

“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 important perspectives to the GASAC and the Board.”

Members of the GASAC are chosen from a cross-section of the GASB’s state and local government constituencies, 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.

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

• James Lanzarotta, Partner and National Practice Leader, Government Services Group, Moss Adams, LLP, representing the American Institute of Certified Public Accountants
• Robert M. Reardon, Senior Investment Officer, State Farm Insurance, representing insurance industry investors
• Gilbert L. Southwell, Vice President & Senior Municipal Analyst, Wells Capital Management, representing the National Federation of Municipal Analysts
• Ronald C. Green, Controller, City of Houston, Texas, representing the National League of Cities
• Tasha N. Repp, Partner, Tribal Services Group, Moss Adams LLP, representing the Native American Finance Officers Association
• Perry E. James, Chief Financial Officer, City of Raleigh, North Carolina, representing the U.S. Conference of Mayors.

In addition to the new appointees, the FAF reappointed 10 current members of the GASAC to two-year terms. Four GASAC members–Terrill Menzel, Michael Zaroogian, Randy Riggs, and Ryan Claw–will complete their service at the end of December 2012.

“We are proud to welcome Jim, Bob, Gil, Ron, Tasha, and Perry to the GASAC,” said Martin J. Benison, chairman of the GASAC. “Their deep and diverse experience in public sector financial reporting will be valuable in providing the GASB with feedback needed to achieve its goal of continually improving accounting standards used by state and local governments. We also want to thank Terry, Mike, Randy, and Ryan for their outstanding contributions to the GASAC.”

“On behalf of the FAF, I am pleased to welcome our new GASAC members,” added FAF President and Chief Executive Officer Teresa S. Polley. “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 important perspectives to the GASAC and the Board.”

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

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.