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State Board Report

December 2013

The Financial Accounting Foundation has chosen NASBA Executive Vice President and Chief Operating Officer Colleen K. Conrad, CPA, to be a member of the Financial Accounting Standards Advisory Council (FASAC) beginning on January 1, 2014. FASAC’s primary function is to advise the Financial Accounting Standards Board on issues related to projects on the FASB’s agenda, possible new agenda items, project priorities, procedural matters that may require the FASB’s attention, and other matters that the FASB chairman requests. FASAC’s members include CEOs, CFOs, senior partners of public accounting firms, professional organizations’ executive directors, and senior members of the academic and analyst communities. The FASAC serves as a sounding board that helps the FASB understand its constituents’ views.

“The individual Council members are not expected to agree with the Board’s decisions on all of the technical aspects of the projects on the Board’s agenda, but it is important that FASAC members support the institution and its due process,” the FAF’s Website states.

NASBA President Ken L. Bishop stated, “NASBA is pleased to have Colleen join the FASAC. We are sure she will be a strong addition to the Council.”

Ms. Conrad joined NASBA’s staff two years ago, having served as a partner in a large regional CPA firm, where she had practiced for more than 25 years. She is a former chair of the Missouri Board of Accountancy and was a member of the AICPA Board of Examiners for ten years. Currently she oversees the work of all of NASBA’s business units.

The other nine new members named to the FASAC are: John Boulton, Cathy Engelbert, Larry Gray, Wendy Hambleton, Xihao Hu, Marsha Hunt, Dan Mahoney, Daniel Meader and Jeff Wilks. In addition, 24 current FASAC members had their terms extended.

Charles Noski, present FASAC chairman, concludes his two-year term at the end of 2013. The Financial Accounting Foundation is currently looking for a new FASAC chairman.

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