Last week the Grossman School of Business hosted Lisa Parker as part of the MAcc Director’s Speakers Series.
Lisa is a senior project manager with the Governmental Accounting Standards Board (GASB), the independent, private-sector organization that establishes accounting and financial reporting standards for U.S. state and local governments.
Her presentation focused on a current GASB project reexamining the methods that governmental entities use for external financial reporting. The Board is in the process of evaluating several recognition options to replace the current financial resources/modified accrual basis of accounting presently used to report governmental funds. While Ms. Parker’s presentation resonated most with students enrolled in BSAD 269, Government and Not-for-profit Accounting, she also explained how all accountants can get involved in the standard-setting process; and the need for accountants and auditors in the public sector.
She encouraged the audience to take more notice of local government financial health and monitor the extent to which current policies are placing financial burdens on future generations.
Thank you Lisa for your time and providing a fascinating insight into GASB's work and influence in government accounting.