FASAB announces new chair, new board structure

The Federal Accounting Standards Advisory Board (FASAB) on Monday announced the appointment of Terry K. Patton, CPA, as chair.

FASAB also announced that Eric Berman and William Morehead have been appointed to serve on the board. Patton’s term began April 1 and is set to conclude June 30, 2029; Berman and Morehead will join the board April 19 for five-year terms that will conclude in April 2031, with the option for a second five-year term.

Patton joined the board in 2019 and is professor emeritus at Midwestern State University, where he taught financial accounting, auditing, and governmental accounting for 18 years. A FASAB news release features more details on Patton and the new board members.

The AICPA is represented on an appointments panel that advises FASAB sponsors on appointments and re-appointments of the board’s five nonfederal members, including selection of the chair.

FASAB also published an amended memorandum of understanding (MOU) related to its governance. Changes effective immediately include the reduction of board membership from nine to seven — two members representing sponsor agencies (Treasury and the U.S. Government Accountability Office) and five nonfederal members.

The news release noted that the AICPA continues to recognize FASAB as the standard setter for GAAP for the federal government.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.