Academic journal article Journal of Accountancy

GASB Gets Two New Members

Academic journal article Journal of Accountancy

GASB Gets Two New Members

Article excerpt

The Financial Accounting Foundation named two new members to serve on the Governmental Accounting Standards Board. Cynthia B. Green, Ph.D., vice-president for state studies of New York's Citizens Budget Commission, and Edward J. Mazur, CPA, vice-president for administration and finance of Virginia State University, were appointed for four- and five-year terms, respectively, beginning July 1.

The FAF had voted last October to increase the number of the GASB members to seven from five. An FAF subcommittee also recommended the positions be filled by a financial statement user and a state-level preparer.

How they voted

The trustees considered whether the expanded GASB should use a super-majority vote to approve projects and standards or should retain its present policy of simple majority voting.

"There were valid arguments both for and against supermajority voting in the standard-setting process," said FAF chairman J. Michael Cook. He told the Journal that in comments on the proposal the FAF trustees received directly from constituent groups as well as in discussions with the GASB, there was virtually no opposition to the proposal to continue simple majority voting for the GASB. "As part of our oversight responsibility, we intend to monitor the effectiveness of the voting process and its impact on GASB standards to determine whether the present voting requirements should be reconsidered; said Cook. …

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