FASAB – Non-federal Board Member – Vacancy Announcement

The Federal Accounting Standards Advisory Board (FASAB or “the Board”) is the AICPA-designated standard-setter for the federal government. The Board serves the public interest by providing the accounting standards and guidance that establish the foundation for accountability and transparency in the federal government, which ultimately improves federal financial reporting. Serving on the Board offers a unique opportunity in the federal environment to serve with other thought leaders from across multiple disciplines and sectors to meet the accounting and reporting needs of the federal government and the informational demands of the public.

FASAB is sponsored by the Department of the Treasury, the Office of Management and Budget (OMB), and the Government Accountability Office (GAO). As the recognized source for generally accepted accounting principles (GAAP) for the federal government, FASAB supports its sponsors’ efforts to improve federal financial reporting and the larger federal financial management community’s efforts to meet its accountability responsibilities.

FASAB comprises nine members. Three members represent the sponsors. The remaining six members are selected from the general financial community, the accounting and auditing community, and academe. Non-federal members are appointed by the Secretary of the Treasury, the Director of OMB, and the Comptroller General of the United States. The non-federal members are responsible for acting in the public interest,^[1] avoiding conflicts of interest and undue influence,^[2] and actively participating in the activities of the Board. Non-federal members are special government employees. Candidates may not be current employees of the federal government unless such employment will end before the appointment.

[1] For the Statement of Responsibilities and Characteristics of Members of FASAB, see http://files.fasab.gov/pdffiles/members_responsibilities_2010-1.pdf.

[2] FASAB’s ethics policy is specified in the Statement. Please consider your ability to conform to these requirements.

We are seeking one new member to serve a five-year term beginning November 1, 2024, and two new members to serve five-year terms beginning January 1, 2026.

Interviews for the November 1, 2024, position are anticipated to be held in June 2024. Interviews for the two January 1, 2026, positions are anticipated to be held in February 2025.

Responsibilities and qualifications of members are described in detail in the Statement of Responsibilities and Characteristics of Members of FASAB. The Statement is summarized below. Qualifications include the following:

• Awareness of the federal financial reporting environment, including an ability to analyze similarities and differences between the federal government’s environment and that of the private or other government sector^[3]
• Reasonable level of knowledge of and technical competence in accounting and financial reporting
• High intellect applied with integrity and discipline
• Ability to communicate effectively, work in a collegial environment, and maintain a judicial temperament so as to consider the evidence on all sides of an issue while reaching a decision in a reasonable period of time
• Commitment to FASAB’s mission, including an understanding of the role of due process and need for consensus-building in developing standards
• Ability to obtain and maintain a security clearance at a level specified by the Board

At a minimum, members are expected to fulfill the following responsibilities:

• Members should fully cooperate with the security clearance process, both initially and throughout their term on the Board. (Board members may be asked to submit necessary documentation upon approval by the sponsors but prior to the effective date of their term.)
• Members should attend all meetings. The Board generally meets for two days every other month in Washington, DC, except for its virtual meetings in February and December.^[4]
• Members should review briefing materials in advance of each meeting and provide tentative pre-meeting input to staff. Materials are normally provided between 10 and 17 business days before each meeting.
• Members should be familiar with the voting requirements, including the options available for alternative views, dissents, and abstentions.
• Members should review and approve minutes following each meeting. Generally, draft minutes are provided three weeks after each meeting and are reviewed twice before being finalized.
• Members should provide comments on revised Board publications between meetings.
• Members should vote on Board publications at or between meetings.
• Members should provide direct input to staff regarding specific concerns, ideas, or edits.
• Members should assist with the publication of FASAB’s annual report.
• Members should support FASAB’s own accountability by participating in governance practices that include annual performance feedback for staff, the Board as a whole, and fellow members. In addition, members should provide annual confirmation of their independence and conformance to the ethics policy, as well as provide annual financial disclosures. Members should also adhere to processes to report undue influence to the chair.

[3] This does not require direct experience in the federal government before being appointed.

[4] The Board meeting dates are listed at https://fasab.gov/board-activities/meeting/.

For more information, please see the news release announcing FASAB’s non-federal Board member vacancies.

Time Commitments and Compensation

Non-federal members, excluding the chair, are compensated for 32 hours associated with preparation and attendance at each FASAB meeting (192 hours each year) at the executive schedule level IV rate (approximately $17,500 per year). Travel expenses for Board meetings are reimbursed. Reimbursement is based on per diem rates and is consistent with federal regulations regarding employee travel.

Actual time commitments may vary during the year. For example, months during which there is no meeting may require zero to ten hours of effort. Months for which there is a Board meeting typically require 16 to 32 hours of effort.

Travel time is not included in the above estimates. Members typically travel the day before each meeting and the evening following the end of the meeting.

Term Limits

Non-federal members are appointed to an initial five-year term and are eligible for a second five-year term based on an evaluation of their performance during the initial five-year term. Each non-federal member is limited to ten years of total service on the Board (in any capacity as Board member or chair).

Resume Submissions

When submitting your resume please indicate if you would like to be considered for all three upcoming vacancies. Alternatively, you may specify that you want to be considered for only the November 1, 2024, position or only the January 1, 2026, positions.