Poole Accounting Professor Scott Showalter is reappointed to FASAB
Scott Showalter, professor of practice in the NC State Poole College Department of Accounting, has been reappointed to a second five-year term on the Federal Accounting Standards Advisory Board, FASAB Chairman Tom Allen announced on July 11, 2014.
Showalter, who joined the Poole College faculty in 2008 following his retirement as partner at KPMG LLP, also is a member of the Standing Advisory Group of the Public Company Accounting Oversight Board.
The FASAB chairman also reappointed Michael H. Granof, the Ernst & Young Distinguished Centennial Professor of Accounting and a University Distinguished Teaching Professor at the McCombs School of Business at the University of Texas at Austin and a member of the Governmental Accounting Standards Board.
“I look forward to continuing to work with both Michael and Scott on the Board,” Allen said.
“Scott, a recognized leader in the field, brings a depth of knowledge of both audit and accounting issues rarely seen,” he said. “Michael’s understanding of financial reporting for both government and non-government entities combined with his service on the GASB ensure he will provide valuable insights to the board. I am pleased that both will continue to support the Board in its work on critical federal financial reporting issues,” Allen said.
Showalter and Granof are two of the six nonfederal members of the FASAB. Their second five-year terms began on July 1, 2014 and will conclude on June 30, 2019.
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. The sponsors—Jacob Lew, the Secretary of the Treasury; Brian Deese, the acting director of the Office of Management and Budget; and Gene L. Dodaro, the Acting Comptroller General of the United States, made the final appointments.
ABOUT FEDERAL ACCOUNTING STANDARDS AND THE FASAB
Accounting and financial reporting standards are essential for public accountability and for an efficient and effective functioning of the U.S. 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 (1) the government’s accountability and its efficiency and effectiveness, and (2) 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. Read moreabout the FASAB.