GASB Forms Revenue and Expense Recognition Task Force—Dec 2016

GASB Forms Revenue and Expense Recognition Task Force—December 2016

GASB Chairman David A. Vaudt recently announced the appointment of a task force to assist with the Board’s objective of developing a comprehensive application model for the recognition of revenues and expenses that arise from nonexchange, exchange, and exchange-like transactions. The members of the task force are:
  • Greg Aikman, Vice President, Fixed Income Research, BNY Mellon Wealth Management
  • Lynne Bajema, OK State Comptroller, Office of Management and Enterprise Services
  • David Belton, Senior Fixed Income Analyst, American Family Insurance
  • Gerry Boaz, Technical Manager, TN Division of State Audit
  • Allison Bradsher, Assistant Financial Officer, City of Raleigh, NC
  • Michelle Brekken, Partner, BKD LLP
  • Nicole Byrd, Senior Investment Professional, Nationwide Insurance
  • Thad Calabrese, Associate Professor of Public and Nonprofit Financial Management, Robert F. Wagner School of Public Service, New York University
  • Ryan Claw, Treasurer, Tohono O’odham Nation, AZ
  • Wendy Flaherty, Director of Finance and Operations, Schiller Park School District #81, IL
  • Brad Gewehr, Director, Bank of America Merrill Lynch
  • John Good, Executive Director, America’s Professional Practice Auditing Group, Ernst & Young LLP
  • Terri Hall, Financial Reporting Manager, University of MN
  • Glenn Jorgenson, Administrative Services Director, City of Helena, MT
  • Karen Kerber, Shareholder, KerberRose
  • Stephen Klein, Chief Fiscal Officer, Legislative Joint Fiscal Office, State of Vermont
  • Eric Lupher, President, Citizens Research Council of Michigan
  • Jason Miller, Research Associate, Sit Investment Associates
  • Sandra Moorman, Director of Accounting and Controller, Sacramento Municipal Utilities District
  • Susannah Page, Senior Vice President, Manager of Research, Roosevelt & Cross Incorporated
  • Brian Ruehle, Deputy Controller, County of San Diego, CA
  • Kevin Smith, Partner, Crowe Horwath LLP
  • Robert Wiggins, Senior Vice President, Financial Services, Carolinas Healthcare System

What Do Task Forces Do?

The GASB assembles task forces for most major projects. Task forces serve as a sounding board, providing suggestions and feedback to the GASB as a project progresses. As part of this process, task force members monitor the Board’s deliberations, commenting as appropriate, and review drafts of due process documents and final pronouncements that the GASB staff prepares for Board review.

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 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 provide input on the usefulness of the information that will result from those standards.

Task force members primarily are identified from the GASB’s database of stakeholders, including persons who have indicated a willingness to volunteer for a task force. The GASB attempts to maintain an appropriate balance of financial statement preparers, auditors, and users on each task force. 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.