Granof Reappointed to Federal Accounting Standards Advisory Board
With his recent reappointment to the Federal Accounting Standards Advisory Board (FASAB), Michael Granof will continue to help ensure that the financial health of the federal government is communicated clearly and truthfully to U.S. citizens.
On July 11, FASAB Chairman Tom Allen announced that McCombs School of Business Accounting Professor Granof had been reappointed to the board for a second five-year term running from July 1, 2014, to June 30, 2019. Granof, who is the Ernst & Young Distinguished Centennial Professor of Accounting as well as a University Distinguished Teaching Professor, also serves as a member of the Governmental Accounting Standards Board (GASB).
"Michael's understanding of financial reporting for both government and non-governmental entities combined with his service on the GASB ensure he will provide valuable insights to the Board," FASAB's Allen said in a press release announcing the reappointment.
"Needless to say, I'm honored to be reappointed to the Board," Granof says. "The federal government is perhaps the most complex organization in the world. As such, it faces unique accounting and financial reporting challenges. I look forward to continuing to help to meet them."
Granof's reappointment means he will continue to act as a voting member of both FASAB and the Government Accounting Standards Board. "These appointments recognize that he is the most-respected scholar participating in standard-setting for government reporting," says Lillian Mills, chairperson of the McCombs accounting department. "In both roles, his decisions shape how citizens learn about the financial health of their governments — federal, state, and city."
Mills explains that through his board memberships, Granof participates in difficult decisions about how entitlements such as Social Security and Medicare are reported in federal budgets, and how liabilities for pensions and medical costs are reported for states and cities.
"Providing clear and truthful information about our various governments' receipts, expenditures, assets, and obligations helps citizens and their elected officials be responsible in their stewardship," Mills says. "Thank you, Michael, for your service to our nation!"