OGDEN, Utah – Weber State University alumnus and visiting accounting professor Tom Allen has been named to the Federal Accounting Standards Advisory Board (FASAB).
Earlier this month, David Mosso, chairman of the FASAB, announced that the board’s sponsors have selected Allen to succeed him as chairman of the board next year. Allen will serve as a nonfederal member until Mosso’s term expires on Dec. 31, 2006, at which time Allen will assume the role of chairman. The FASAB sets the accounting and financial reporting standards for the federal government.
“While I am pleased to be appointed to this position, I am also aware of the significant issues the FASAB is facing, such as the proper financial reporting of the tremendous obligations the nation is facing for social insurance programs like Social Security and Medicare,” Allen said.
Appointments to the FASAB are made by the FASAB Sponsors under advisement of the FASAB Appointments Panel. After careful consideration of several highly qualified candidates, the panel recommended and the FASAB Sponsors appointed Allen, who was sworn in Jan. 10 in Washington, D.C.
“This appointment is yet another indication of just how well-regarded Tom is in the accounting field,” said Lewis Gale, dean of WSU’s John B. Goddard School of Business & Economics. “The accounting knowledge, insights and experience he brings to the profession is what makes him a perfect fit for this role on the FASAB.”
Allen, who graduated from Weber State in 1971, has served as a member of the accounting department faculty at WSU's John B. Goddard School of Business & Economics since January 2005. A Kaysville resident, Allen said he plans to continue to teach at WSU while fulfilling his new assignment.
Allen retired June 30, 2004 as Chairman of the Governmental Accounting Standards Board (GASB) after serving in that capacity for nine years. Prior to becoming the GASB Chairman on July 1, 1995, he served one year as a part-time member of the board. Allen was elected as Utah State Auditor in 1984 and served as the State Auditor of Utah until he resigned to chair the GASB. He is a certified public accountant and a member of the American Institute of Certified Public Accountants where he served from 1987 to 1990 as Chairman of the AICPA Members in Government Committee. He also served on the American Institute of Certified Public Accountant’s Ethics Executive Committee, Government Accounting and Auditing Committee, and Auditing Standards Board.
“The FASAB has worked diligently over the last 15 years to develop a core set of financial accounting standards and adopt accountability and decision-making as the two overall goals for federal financial reporting,” Mosso said. “I feel confident that Tom will build on that foundation and continue to maintain a high standard of excellence for the FASAB.”
The mission of the FASAB is to promulgate federal accounting standards after considering the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information.
Accounting and financial reporting standards are essential for public accountability and for an efficient and effective functioning of our democratic system of government. Thus, federal accounting standards and financial reporting play a major role in fulfilling the government’s duty to be publicly accountable and can be used to assess (1) the government’s accountability and its efficiency and effectiveness, and (2) the economic, political, and social consequences of the allocation and various uses of federal resources.
For more information on FASAB, visit fasab.gov.