I would like to present the following information so that you may have a better understanding of what the GASB is and does and how I may be of assistance to you in representing your municipality's interests at the GASAC quarterly meetings.
He is a member of the NLC Finance, Administration and Intergovernmental Relations Steering Committee, and has represented NLC at the GASAC for more than two years.
The prospectus is reviewed by the GASAC and a final recommendation is made to the Board.
At that time, a project prospectus will be prepared for discussion by the GASAC and ultimately the Board.
Mitchell, member of the GASAC
and technical manager in the Division of State Audit in Nashville, Tennessee, said the difficulty of drafting a uniform financial reporting model rests in meeting th needs of the diverse users of govern mental financial reports.
Under the chairmanship of Tom Holton, former managing partner of Peat Marwick Main & Co., this committee has conducted extensive interviews about the functioning of the GASB and GASAC
, their relationship to the FASB and FASAC, and to a lesser extent about the processes of the FASB.
Plans for the review were developed by a committee of FAF trustees and members of the Governmental Accounting Standards Advisory Council (GASAC), whose work began in March 1987.
The FAF trustees adopted many recommendations--dealing with the GASB's structure, its relationship with the FAF, constituent relations, due process and GASAC's authority--that will permanently change the standard-setting process.
The relationship between the FAF and the GASB also will be enhanced by a decision that the FAF and GASAC should be more active in raising funds for the GASB.
The GASB portion of the review is being conducted by a joint Review Committee comprised of the FAF and the Governmental Accounting Standards Advisory Committee (GASAC).
The Review Committee has sought information on the attitudes of various constituencies toward the GASB and GASAC and toward the current standard-setting structure and process.