JE - Fiduciary Responsibilities Task Force Formed (Sept2013)

Journal Entries

This recurring website feature highlights articles from The GASB Report, the GASB’s monthly newsletter. The current article appeared in the September 2013 issue.

Fiduciary Responsibilities Task Force Formed

GASB Chairman David A. Vaudt recently announced the appointment of a task force to assist with the Board’s Fiduciary Responsibilities project. Members of the task force are:
  • Johnathan Ball, director, Office of the Legislative Fiscal Analyst, State of Utah
  • Kathleen Clarke Buch, finance director, Darien, Connecticut
  • Julie Egan, senior vice president and portfolio manager, Community Capital Management
  • Kevin Gore, partner, BKD, LLP
  • Bill Grenfell, school board member, Medina City School District, Medina, Ohio
  • Karl Greve, chief financial officer, Colorado Public Employees’ Retirement Association
  • Michael Hudson, financial reporting director, Office of the State Comptroller, State of Alabama
  • Michael Kasperzak, city councilor, Mountain View, California
  • Heather Knust, director of accounting, Division of Financial Management, School District of Palm Beach County, Florida
  • Sue Menditto, director of accounting policy, National Association of College and University Business Officers
  • Michael Pipe, commissioner, Centre County, Pennsylvania
  • Reem Samra, audit director, Deloitte LLP
  • Stephen Stuart, research analyst, Bureau of Governmental Research
  • Ron Tolstad, technical specialist, Office of the State Auditor, State of North Dakota
  • Pattie Weed, partner, Thomas & Thomas LLP
  • Mindy Willis, director, Accounting Services Department, Orlando Utilities Commission.

What Do Task Forces Do?

The GASB assembles task forces for most major current projects and certain research activities. Task forces serve as a sounding board, providing suggestions and feedback to the GASB as a project or research progresses. Task force members also receive the papers the GASB staff prepares for Board meetings and monitor the Board’s deliberations, commenting as appropriate.

How Are Participants Selected?

Task forces are officially appointed by the GASB chairman after consultation with the other GASB members, the Governmental Accounting Standards Advisory Council (GASAC) chairman, and GASB staff.

Task force members typically have a particular expertise or experience with the issue being addressed in the project or research and also are capable of articulating the views of other, similar constituents. They can identify possible implementation difficulties, assess the potential cost of proposed standards, or opine on the usefulness of the information that will result from those standards.

Potential participants are primarily identified from the GASB’s constituent database, from the GASAC, and from the lists of persons submitting comment letters in response to proposed standards. The GASB attempts to maintain an appropriate balance of financial statement preparers, auditors, and users on each task force. In addition to identifying persons that possess relevant knowledge and experience and that are representative of various types of constituents, the GASB tries to select persons it believes will actively participate by providing feedback on papers and proposed standards prepared for the Board and by providing regular feedback to the project staff.