NORWALK, Conn.--(BUSINESS WIRE)--The Board of Trustees of the Financial Accounting Foundation (FAF) today reappointed veteran governmental auditor James E. Brown to a second term on the Governmental Accounting Standards Board (GASB), the FAF announced. The Trustees also appointed Kristopher E. Knight, Delaware’s deputy secretary of state and director of the state’s Division of Corporations, to a five-year term on the GASB.
The GASB is the independent, private-sector organization that sets accounting standards for state and local governments in the United States. The FAF oversees the activities of the GASB and its sister accounting standard setter, the Financial Accounting Standards Board (FASB).
Messrs. Brown and Knight’s terms become effective July 1, 2017, and extend through June 30, 2022. Mr. Knight will succeed outgoing Board member Jan I. Sylvis, whose term concludes on June 30, 2017. Ms. Sylvis, who was appointed to the Board in 2007, has served as its vice chair since January 2015.
“The Board of Trustees is pleased to have Jim serve another term on the GASB,” said FAF Chairman Charles H. Noski. “His insight and perspective will continue to be valuable resources to the Board.”
“Jan Sylvis’s service on the Board and contributions in the area of stakeholder outreach allowed the GASB to forge stronger, more productive bonds with the financial statement preparer, auditor, and user communities during her tenure,” Mr. Noski added.
Regarding Mr. Knight’s appointment, Mr. Noski said, “We welcome Kristopher to the GASB. The wealth and variety of experience in governmental accounting he brings will be substantial assets to the GASB.”
GASB Chairman David A. Vaudt said, “Jim’s deep experience as an auditor and accounting educator promoted vigorous Board discussion during his first term. His ability to understand and appreciate the viewpoints of preparers and users will continue to be of great value to the Board going forward. Kristopher’s energy, expertise, and ability to carefully evaluate all points of view will serve the Board well as we continue our work on the reexamination of the Financial Reporting Model, Revenue and Expense Recognition, and in other project areas.”
“Jan’s ten years of service on the GASB, including in the role of vice chair for the past two years, are marked by her singular dedication to working to improve accounting and financial reporting for the Board’s diverse range of stakeholders and that is something for which we are all very grateful,” Mr. Vaudt said. “She will truly be missed.”
Prior to joining the GASB in 2012, Mr. Brown served for more than 25 years as a partner at BKD, LLP, a large regional public accounting firm headquartered in Springfield, Missouri. At BKD, he was responsible for quality control and training for the firm’s government and not-for-profit practice from 1984 until 2011, and acted as the firm’s principal contact with the GASB.
Before joining BKD, Mr. Brown was a partner in a local public accounting firm in Joplin, Missouri. He previously taught accounting and auditing at Missouri Southern State University in Joplin and presently serves as a continuing education instructor for the American Institute of Certified Public Accountants (AICPA). A past member of the AICPA’s Auditing Standards Board and Board of Examiners, Mr. Brown is a certified public accountant and a certified government financial manager.
Mr. Knight is Delaware’s deputy secretary of state and director of the state’s Division of Corporations. In his role, he oversees the state’s $1 billion corporate franchise and servicing of the 1.2 million business entities that make their legal home in Delaware. Mr. Knight also supervises several other divisions of the Delaware Department of State, including the Office of the State Banking Commissioner, the state’s Corporate and International Development office, and Delaware’s abandoned property Voluntary Disclosure Agreement program. Since 2012, he has also served as treasurer of the Delaware Sustainable Energy Utility’s Board of Directors. There, Mr. Knight led a comprehensive overhaul of the utility’s financial policies and practices.
Previously, Mr. Knight served as the director of Delaware’s Division of Accounting. In that role, he administered policy related to the state’s procurement card program, which has an $80 million annual budget. Prior to his career in public service, Mr. Knight served in positions of increasing responsibility at KPMG LLP for more than a decade. As senior audit manager, he managed all aspects of governmental client audits, including those for the University of Delaware, the state of Delaware, and Philadelphia Gas Works. Mr. Knight holds a bachelor’s degree in business administration—accounting from Loyola University. He is a certified public accountant and a member of the AICPA.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Governmental Accounting Standards Board
Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. For more information, visit www.gasb.org.