D. Scott Showalter, teaching professor in the Department of Accounting at North Carolina State University College of Management and retired partner at KPMG LLP, was appointed to a five-year term on the Federal Accounting Standards Advisory Board (FASAB). His term began July 1, 2009. The appointment was announced recently by Tom Allen, FASAB chairman.
Also appointed was Michael H. Granoff, Ernst & Young Distinguished Centennial Professor of Accounting and a University Distinguished Teaching Professor at the University of Texas at Austin.
An Appointments Panel advises the FASAB Sponsors on appointments and re-appointments for the six nonfederal members of the Board. The FASAB Sponsors – Timothy F. Geithner, the Secretary of the Treasury; Peter R. Orszag, the director of the Office of Management and Budget; and Gene L. Dodaro, the Acting Comptroller General of the United States - made the final appointments.
Regarding the appointments, Allen said, “I am pleased to welcome both Michael and Scott to the Board. Michael is uniquely qualified as an academic who authors both governmental and financial accounting textbooks. Scott is a recognized leader in the field, having been with KPMG for more than 30 years including service as the public sector industry leader for the firm. Michael’s service on the Association of Government Accountants’ Financial Management Standards Board and Scott’s position as the co-editor of “Government Accounting and Auditing Update” from 1996 – 2008 demonstrates that they have both followed the most recent work of the FASAB. I am confident that Michael and Scott will hit the ground running, enabling the Board to continue its work on critical federal financial reporting issues under consideration.”
Accounting and financial reporting standards are essential for public accountability and for an efficient and effective functioning of our 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.