GASB Forms Note Disclosures Reexamination Consultative Group
GASB Chair David A. Vaudt recently announced the appointment of a consultative group to assist with the Board’s pre-agenda research examining the effectiveness of certain note disclosure requirements. The members of the consultative group are:- Joe Adams, Ph.D., Research Coordinator, Public Affairs Research Council of Alabama
- Marcy Blender, Comptroller, School District of Philadelphia
- Lynn Boucher, Partner, Brantley, Boucher & Farr LLP
- Ann Earley, Senior Municipal Analyst, Edward Jones Investments
- Tom Ewing, Director of Financial Reporting, Ohio State University
- Bill Hall, Senior Financial Consultant, Vermont League of Cities and Towns
- Shirley Hughes, City Administrator, City of Liberty
- Jim Landers, Director, Fiscal and Management Analysis, Indiana Legislative Services Agency
- Lawrence Mack, Executive Vice President, KeyBank
- Jeffrey Markert, Partner, KPMG, LLP
- Ritta McLaughlin, Chief Education Officer, Municipal Securities Rulemaking Board
- Andy McLelland, Associate Professor, Auburn University
- Donna Miller, Director of Professional Practice, Arizona Auditor General
- Margaret Moggia, Chief Financial Officer, West Basin Municipal Water District
- Jeff Oka, Chief Financial Officer, Coeur d’Alene Tribe
- Jason Pollack, CFA, Vice President, National Public Finance Guarantee Corporation
- Tim Russell, Principal Research Credit Analyst, US Bancorp Asset Management
- Rita Trainor, Finance Director, Wheaton Park District
- Darwin Viker, Principal, CliftonLarsonAllen
- Harvey Zachem, Managing Director, Kroll Bond Ratings
About the Project
The objective of this pre-agenda research is to evaluate whether currently required note disclosures meeting the information needs of the users of state and local government financial reports. The research is examining disclosure requirements that have been in effect for a sufficient period to be evaluated and that are not subject to another ongoing project. The research should provide the Board with the information necessary to consider whether modifications to current guidance is needed and, if so, to support deliberations over developing that guidance.
What Do Consultative Groups Do?
The GASB assembles consultative groups at the discretion of the GASB chair for pre-agenda research that is expected to be extensive and to address a broad or fundamental portion of the accounting and financial reporting standards. Consultative groups serve as a sounding board, providing suggestions and feedback to the GASB staff as research activities progress. As part of this process, consultative group members review drafts of research materials prepared by the GASB staff, commenting as appropriate.
How Are Participants Selected?
Consultative groups are officially appointed by the GASB chair. Consultative group members typically have a particular expertise or experience with the issue being researched and are capable of articulating the views of other, similar stakeholders.
Members primarily are identified from the GASB’s database of stakeholders, including persons who have indicated a willingness to volunteer for a consultative group. The GASB attempts to maintain an appropriate balance of financial statement preparers, auditors, and users on each consultative group.
Within each group, the GASB seeks to include a variety of types of stakeholders, such as finance officers from state governments, localities, and business-type activities; auditors in government and private practice; and users from the municipal bond industry, citizen and taxpayer groups, legislative bodies, and the academic community. The GASB also tries to balance other factors that may be relevant, such as governments of various sizes and geographic areas of the country.