The board of trustees of the Financial Accounting Foundation appointed 10 new members Monday to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.
The Financial Accounting Standards Advisory Council is responsible for advising the Financial Accounting Standards Board on strategic issues, project priorities and other matters that affect accounting standard setting. The new members of FASAC will serve a one-year term beginning Jan. 1, 2014, and are eligible to be reappointed for three additional one-year terms.
FASAC members are selected from a cross-section of FASB stakeholders, including users, preparers, practitioners, association members, academics and other groups.
The following new members are:
User (Investor) Community
John Boulton, director, accounting research and policy, Fitch Ratings
Dan Mahoney, global director of research, CFRA
Daniel Meader, principal, Trinity Private Equity Group LP
Preparer (Corporate) Community
Xihao Hu, senior vice president and chief accountant, The Toronto Dominion Bank
Marsha Hunt, vice president—controller and principal accounting officer, Cummins, Inc.
Practitioner (Accounting) Community
Cathy Engelbert, national audit managing partner, Deloitte & Touche LLP
Larry Gray, senior partner, EisnerAmper
Wendy Hambleton, partner, director of SEC services, BDO USA, LLP
Colleen Conrad, executive vice president and chief operating officer, National Association of State Boards of Accountancy
Jeff Wilks, director and Ernst & Young professor, Brigham Young University’s School of Accountancy
In addition to naming the new appointees, the FAF renewed the terms of 24 current FASAC members for an additional year. Eight FASAC membersJohn C. Gerspach, John Archambault, Kenneth D. Marshall, James R. Taylor, Jeremy Perler, Allen Puwalski, Kathy Petroni, and Marie N. Holleinwill complete their service at the end of December 2013. Two additional members—Patrick T. Mulva and Neri Bukspan—completed their service earlier this year.
“The 10 new FASAC members represent a diverse group of professionals who possess a wealth of experience in their respective fields of financial reporting,” said FAF president and CEO Teresa S. Polle in a statement. “They undoubtedly will add fresh perspectives to FASAC discussions, which are essential in providing the FASB with valuable input into its mission to develop accounting standards that bring greater transparency and integrity to financial reporting.”
The FAF also has a search underway for a new FASAC chairman. Charles Noski, a retired vice chairman of Bank of America who was appointed to lead the FASAC in January 2012, concludes his term at the end of this year.
The new members of GASAC will serve two-year terms beginning Jan. 1, 2014. GASAC is responsible for advising the Governmental Accounting Standards Board on technical issues, project priorities and other matters that affect standards setting for accounting and financial reporting by state and local governments.
Members of GASAC are chosen from a cross-section of the GASB’s state and local government stakeholders, 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:
Sandra Moorman, controller, Sacramento Municipal Utility District, representing the American Public Power Association
Daniel Smith, assistant professor of public budgeting and financial management, Robert Wagner School, New York University, representing the Association for Budgeting and Financial Management
Barbara Flickinger, managing director, portfolio surveillance, National Public Finance Guarantee Corporation, representing the Association of Financial Guaranty Insurers
Leelan Miller, director, government services, Eide Bailly, representing the Association of Government Accountants
Robert Schultze, director, Virginia Retirement System, representing the National Association of State Retirement Administrators
Stephen Klein, director, Vermont Joint Fiscal Office, representing the National Conference of State Legislatures.
In addition to the new appointees, the FAF reappointed eight current members of the GASAC to two-year terms. Six GASAC members—Eric Berman, Vance Holloman, Pat Robertson, Odd Stalebrink, Gary VanLandingham, and Mindy Willis—will complete their service at the end of December 2013.
In addition, the FAF trustees re-appointed Martin J. Benison as GASAC chairman, a position he has held since 2011.
The FAF also announced that the Association of Financial Guaranty Insurers was added to the GASAC as a member organization. “We are very pleased to welcome Sandra, Daniel, Barbara, Leelan, Robert and Stephen to the GASAC,” said Benison. “Having the benefit of their broad and diverse experience in public sector financial reporting will be of great value in providing the GASB with the feedback needed to achieve its goal of continually improving accounting standards used by state and local governments. We also express our gratitude to Eric, Vance, Pat, Odd, Gary and Mindy for their outstanding contributions to the GASAC.”