NORWALK, Conn.--(BUSINESS WIRE)--The Board of Trustees of the Financial Accounting Foundation (FAF) has named Jeffrey J. Previdi as vice chairman of the Governmental Accounting Standard Board (GASB). The FAF oversees the GASB and its sister organization, the Financial Accounting Standards Board (FASB).
As vice chairman, Mr. Previdi—a current member of the GASB—will work to enhance stakeholder engagement with a primary focus on financial statement users. His appointment is effective July 1, 2017.
A former credit analyst with more than two decades of ratings agency experience, Mr. Previdi began his tenure on the GASB on July 1, 2016. He succeeds outgoing GASB Vice Chairman Jan I. Sylvis, who has served in that role since January 1, 2015. Ms. Sylvis concludes ten years of service on the Board on June 30.
“We’re very pleased to welcome Jeff to his new role as GASB vice chairman. His deep experience with municipal debt market participants will allow the Board to forge stronger bonds with financial statement users,” said FAF Board of Trustees Chairman Charles H. Noski.
“One of Jan’s strongest contributions during her tenure as vice chairman was in stakeholder engagement,” Mr. Noski added. “Her example—together with Jeff’s background and experience—will help drive more robust, meaningful engagement with the user community—a critical constituency.”
Before joining the GASB, Mr. Previdi served for more than two decades at Standard & Poor’s Ratings Services, now known as S&P Global Ratings. Most recently he served as managing director and project leader in the agency’s risk program. In that role, he led a global team of individuals who analyzed and implemented rules stemming from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Prior to that role, Mr. Previdi was a municipal credit analyst for 20 years. Starting as a tax-exempt housing bond analyst, he progressed to leading S&P’s team covering municipal structured finance ratings, then to co-leading the group responsible for all tax-backed ratings in the U.S. He also served on the U.S. Public Finance Criteria Committee for many years.
Mr. Previdi holds a bachelor’s degree in economics from Connecticut College and a master of public policy degree from the College of William & Mary. He is a member of the National Federation of Municipal Analysts.
“In a short timeframe, Jeff’s perspective has made him a true asset to the Board,” said GASB Chairman David A. Vaudt. “As vice chairman, I’m confident his efforts to enrich engagement with users and other stakeholders will help the Board draw the kind of input needed to reach better-informed decisions on a range of standard-setting issues.”
“Jan Sylvis’s time as Vice Chairman helped to usher in a new spirit of working collaboratively with stakeholders toward common goals,” Chairman Vaudt added. “Her contributions have been many and she will truly be missed.”
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 financial accounting and reporting standards for U.S. state and local governments that follow 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 financial 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.