News Release 09-22-06


Carol A. Kraus, CPA, Appointed National Association of State Budget Officers Representative to the GASAC


Norwalk, CT, September 22, 2006—The Financial Accounting Foundation (FAF) has announced the appointment of Carol A. Kraus to represent the National Association of State Budget Officers (NASBO) on the Governmental Accounting Standards Advisory Council (GASAC). Ms. Kraus's appointment is for two years, and she succeeds Paul L. Dion, formerly of the State of Rhode Island Budget Office.

The GASAC serves as an advisory group to the Governmental Accounting Standards Board (GASB), the body responsible for establishing and improving financial accounting and reporting standards for state and local governments.

The GASAC's twenty-nine members are primarily appointed based on nominations from GASB constituent groups and are broadly representative of the preparers, auditors, and users of state and local government financial information. The GASAC has an integral role in the process of improving standards of financial accounting and reporting of state and local governmental entities. An organization of knowledgeable and experienced individuals, the GASAC works closely with the GASB in an advisory capacity to ensure that the views of its members are effectively communicated on a timely basis. The GASAC members provide valuable input and advice to the GASB, including constituent views on technical issues on the GASB's agenda.

Ms. Kraus is an associate director in the Governors Office of Management and Budget for the State of Illinois. She is a certified and licensed public accountant and has served on various committees for the American Institute of Certified Public Accountants, Association of Government Accountants, Government Financial Officers Association, and the Institute of Internal Auditors.

NASBO members who want to bring an issue to the attention of the GASB or to learn about the activities of the GASAC may contact Carol Kraus at

About the GASB

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community. More information about the GASB can be found at its website

About the Financial Accounting Foundation

The Trustees of the Financial Accounting Foundation (FAF) are responsible for the oversight, administration and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). For more information on the organizations it oversees, visit the Foundation's websites at and