Poole College Professor Showalter appointed as chair of the FASAB

How does the federal government report all of its assets and liabilities for its various agencies and departments? By following accounting and financial reporting standards set by the Federal Accounting Standards Advisory Board (FASAB), said Scott Showalter, professor of practice at the North Carolina State University Poole College of Management.

He knows the process well. Since 2009, Showalter has served as a member of the Federal Accounting Standards Advisory Board (FASAB). On January 1, 2016, he begins a three and a half-year term as chairman of the board. The announcement was made on July 21 by Tom Allen, the current FASAB chairman.

An appointments panel – composed of the FASAB chairman, three federal FASAB members, and three individuals representing the American Institute of CPAs and the Financial Accounting Foundation – advises the FASAB sponsors on appointments and re-appointments for the six nonfederal members of the board as well as selection of the chairman.

The FASAB sponsors – Treasury Secretary Jacob Lew; Office of Management and Budget Director Shaun Donovan; and Comptroller General of the United States Gene L. Dodaro – made the final appointment.

“Under law, these three agencies are responsible for setting accounting standards for the federal government and the FASAB – through a Memorandum of Understanding with these agencies – fulfills that role,” Showalter said.

“The FASAB is a group of federal and nonfederal individuals with a wide variety of experiences who deliberate on such broad issues as how to account and report the activities of the Federal Reserve, weapon systems of the Department of Defense, emerging use of public/private partnerships and dedicated collections,” he explained.

Showalter brings six years’ experience as a member of the FASAB and five years as a member of the Standing Advisory Group of the Public Company Accounting Oversight Board. He joined the accounting faculty of Poole College’s Department of Accounting following his retirement as partner from KPMG LLP. At Poole College, he teaches graduate and undergraduate auditing courses in addition to graduate level research and sustainability courses. Showalter also is active in several college initiatives, including the Sustainability Initiative and a growing focus on data analytics.

About his new appointment, Showalter said, “It’s really an opportunity to provide public service. People who serve in this area are passionate about the need for complete and transparent reporting about the financial condition of the federal government. It’s personally rewarding and challenging as you have to keep up to date on current issues in Washington and the activities of other financial accounting standard setters."

“The FASAB sponsors have made an excellent selection and I am pleased that Scott will succeed me as chairman,” Allen said in a news release announcing Showalter’s appointment. “His recognized leadership abilities and depth of knowledge of both audit and accounting issues make him an ideal chairman. Under Scott’s leadership the board will continue its work on critical federal financial reporting issues.”

ABOUT FASAB

Accounting and financial reporting standards are essential for public accountability and for an efficient and effective functioning of the United States’ democratic system of government. Thus, federal accounting standards and financial reporting play a major role in fulfilling the government's duty to be publicly accountable and can be used to assess the government’s accountability and its efficiency and effectiveness, and the economic, political, and social consequences of the allocation and various uses of federal resources.

The FASAB issues federal accounting standards after following a due process consistent with the Memorandum of Understanding under which it operates. Due process includes consideration of the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information. For more information on FASAB, please visit: www.fasab.gov.