Headline for Featured Item #1 Dr. Don Deis Provides Research for the Financial Accounting Foundation - Texas A&M University-Corpus Christi
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Dr. Don Deis Provides Research for the Financial Accounting Foundation

March 14, 2013

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CORPUS CHRISTI, Texas – Dr. Don Deis, Joslin Endowed Chair and Professor in the Department of Accounting, Finance & Business Law, was one of three professors across the nation who conducted a study that helped form the scope of standard-setting activities conducted by the Financial Accounting Foundation (FAF) for the Government Accounting Standards Board (GASB).

Deis and other contributors from the Financial Accounting Foundation completed their year-long study “The Scope of The GASB Accounting and Accountability-Topics and Processes” in July 2012.  The purpose of the independent study was to explore the purposes of financial accounting and reporting by the state and local governments, and what organizations, including the GASB, are currently or potentially best suited to set standards and guidelines by which those purposes are achieved.

The study revealed a lack of consensus about the appropriate scope of the GASB‟s activities and involvement in government accountability reporting including disclosures on economic condition and financial projections. During the research, Deis and his colleagues surveyed and spoke with bond rating agencies, state and municipal officials, bond insurers, citizen groups, watchdog groups, journalists who cover governments, preparers, auditors, investors, Financial Accounting Foundation  trustees, and Government Accounting Standards Board staff to develop their recommendations to the Foundation trustees, who oversee the Financial Accounting Standards Board (FASB) and GASB. The GASB establishes accounting rules for state and local governments. FASB establishes rules for private companies, public companies, and not-for-profit entities.

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