![]() To gain additional issue-specific input and feedback, the GASB also assembles consultative groups and task forces. GASAC members are required to be, in the judgment of the Trustees, knowledgeable about the issues involving, and the impact of, accounting and financial reporting by state and local governmental entities, or to possess an expertise of value to the GASB. To assure that a diversity of views will be represented, the 30-plus members of the GASAC consist of persons appointed by the Financial Accounting Foundation’s Board of Trustees. GASAC meetings provide the Board with an opportunity to hear the views of a very diverse group of individuals from varied professional and occupational backgrounds. The primary function of GASAC is to advise the Board on issues related to projects on the Board’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the GASB, and other matters as requested by the chairman of the GASB. The Governmental Accounting Standards Advisory Council (GASAC) was formed in 1984 concurrent with the establishment of the GASB. While we may not always achieve the optimal balance, we aspire to it and continually seek to refine our selections to best reflect and serve the broad range of GASB stakeholders. Board diversity is a necessary element when setting standards for approximately 90,000 state and local governments-which differ dramatically in size, complexity, and resources.īeyond Board make up reflecting these classifications, the FAF always strives on behalf of the GASB to identify and install candidates reflecting a diversity of experiences and backgrounds. This Board composition has served the GASB well with each member bringing a unique perspective to the Board through different work experiences and areas of expertise. Current membership and makeup of the GASB is as follows: ![]() GASB members are required to have knowledge of governmental accounting and finance and a concern for the public interest in matters of accounting and financial reporting.ĭiversity of perspective is baked into the Board member selection process. The vice chairman and the remaining five members serve on a part-time basis. Board members are appointed by the FAF Board of Trustees generally for 5-year terms they may serve up to 10 years. The seven members of the GASB include a chairman and a vice chairman. More information can be found in the Strategic Plan, at BOARD MEMBERS
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