Title: ED Chat Part II: Ms. Payne Interviews Ms. Valentine Description: This is the second of two podcasts featuring FASAB's outgoing executive director, Ms. Wendy Payne, and FASAB's incoming executive director, Ms. Monica Valentine. Wendy and Monica are only the second and third executive directors since FASAB's inception in 1990, and they'll be sharing their experiences from the 28 years that they've worked together. In this podcast, Wendy is asking Monica about her time at FASAB and looking towards the future. Released: October 30, 2019 [ Leigha Kiger: ] Welcome to "FASAB Bits and Bytes," your source for quick takes and news from the Federal Accounting Standards Advisory Board. I'm Leigha Kiger. This is the second of two podcasts featuring FASAB's outgoing executive director, Ms. Wendy Payne, and FASAB's incoming executive director, Ms. Monica Valentine. Wendy and Monica are only the second and third executive directors since FASAB's inception in 1990, and they'll be sharing their experiences from the 28 years that they've worked together. In this podcast, Wendy is asking Monica about her time at FASAB and looking towards the future. [ Wendy Payne: ] Monica, we've been together a very long time. We both joined FASAB in 1991, and I know what kept me with FASAB, but I've never asked you. What is it about working at FASAB that is personally satisfying to you? [ Monica Valentine: ] I would say that the people that I've come in contact with, as well as the rewarding work that FASAB does. I've had an opportunity to work with some of the most intelligent, dedicated, conscientious people, and I've learned so much from them. As I said, the work is so very rewarding. The goals for transparency in the reports, the accountability that we strive for, achieving useful financial reports - that's very satisfying as well. And the work that we do as we strive for consistency in those federal financial reports to inform the readers of the financial position and the financial condition of the federal government, which I think are important to all of our stakeholders, elected officials, citizens, as well as agency heads. [ Leigha Kiger: ] At this point in their conversation, Wendy was curious about what Monica thought her top three accomplishments at FASAB were. [ Monica Valentine: ] The first one I would say is the leases project. I believe that what we did in that project - developing comprehensive lease accounting standards that can stand alone in the federal government. As you know, when we produced Statement 5 and 6, our lease standards relied very heavily on FASB's standards. And so it's been very gratifying to watch the community, through the task force and the respondents and the Board, work together to develop comprehensive accounting standards that are for the federal government. That will work in our community. So that's number one. The second one is the classified activities project. That was a very different experience. The logistics that were involved, the extra precautions that we had to take, and even the nature of the topics, and working kind of in and out of the IC world - I thought that was extremely rewarding, and very different from anything we had done before. And the last one is the Accounting and Auditing Policy Committee, which was actually your brainchild, Wendy. And I led for - as a staff - for 15 years. And the volume of implementation guidance that came out of the AAPC I feel was very beneficial to the community, and I really would like to see that continue because of the benefits that it brings in implementing our standards. [ Wendy Payne: ] That's terrific. All of those are major achievements that you should be commended for. Good work. So through all these years of working in large groups, what traits has the work at FASAB demanded from and improved in you? [ Monica Valentine: ] First, obviously, my writing skills. Learning to write in a clear, concise manner. And the last thing - compromise writing. So that is taking all the views from the Board members as well as task force members, and putting that down on paper, that it makes sense, and still taking into consideration people's views. Also, critical and logical thinking. Obviously, there's never a shortage of complex and unique issues in the federal government. And lastly, working as a part of a team. As you mentioned earlier, you know, working with the staff, the Board, and the task force because, as I tell people all the time, we can't just sit in our offices and write accounting standards. We need the input of the community. We need, obviously, the input of the Board members, as well as our peers, other staff members, because we all bring different knowledge and experiences. [ Wendy Payne: ] Excellent. I like that title. Compromise writing. That expresses it all when you have a nine-member Board. So what challenges lie ahead for you as the new executive director? [ Monica Valentine: ] Getting to know the staff differently and having more daily interactions. You know, I would always speak with everyone, but there might not be actual daily interactions where we had to really talk business. Moving from being a worker bee, as I call it, you know pushing out standards, to being the manager, that's going to take some getting used to. Getting a comprehensive understanding of all the projects, you know. As a staff person, you work on your project, and from time to time you are involved in other projects, but now as the executive director I am required to know what's going on with all of the projects. And staying on top of all of the very many administrative tasks - I think that was the one thing you neglected to tell me just how many administrative tasks there are. [ Wendy Payne: ] Sorry… [ Monica Valentine: ] But staying on top of those I think is a challenge as well. So… [ Wendy Payne: ] Well, I think you've hit on all the challenges, and I'm glad that you're still sitting in the new executive director's seat. You're also about to transition to a new chairperson come July 1st and welcoming two new Board members as well. What advice would you give to these three folks: the new chairperson and the two incoming Board members who are Terry Patton, a former professor and GASB staff person, and Sallyanne Harper, former federal executive, chief administrative officer, and CFO? [ Monica Valentine: ] Yes. As far as the new chair, George Scott, I would ask him to work closely with me. We will be setting the agenda for meetings going forward, what direction and what should we be bringing up to the Board. I would also suggest to the new chair to keep a healthy flow of discussion during the meeting. Allowing all of the members to be heard, but at the same time not allowing points to be belabored beyond their useful life. Also, I would say the chair should help staff get clear direction during the meetings to proceed to the next steps because I don't think there's anything worse than after the meeting staff come back and look at the executive director and say, "Well, now what do I do?" The chair can really help get clear direction from the Board on those next steps for - for staff. As far as the new Board members, Terry Patton and Sallyanne Harper, I would ask them to be sure to provide input to the staff. Let staff know really how you feel. What are your recommendations? Because our Board members come with such a wealth of knowledge and experience, I think their views are very important. So if there's something that staff may be missing or a perspective that they need to take into consideration, I think I would encourage the Board members to share that. I would also ask them to thoroughly read the staff papers so that they have an understanding of the research that staff has done, and the proposals and recommendations that staff has put together so that the discussion during the Board meeting can be productive. [ Wendy Payne: ] Excellent advice for them. FASAB staff collectively work with talented people across government to research problems and propose solutions. We've really never had a shortage of volunteers for our projects. What do you think motivates our volunteers to come forward? [ Monica Valentine: ] Everyone wants their voice heard. And rightfully so, I would say, especially when our work impacts what they do. So I think a lot of the community want - they want to be involved because they know that this is something that I may have to implement later on. And in many instances their input actually moves the direction of the final guidance. They see the fruits of their labor in being involved through the task forces and bringing their wealth of knowledge. [ Wendy Payne: ] Well said. The task force really contribute a lot. We're getting close to the 30-year anniversary for the CFO Act. If you study government reform, you know government reform legislation is usually not sexy, and it usually doesn't last for decades. Often reform initiatives come up, and they never get implemented. Why do you think the requirement for audited financial statements has been sustained all this time? [ Monica Valentine: ] Transparency, the accountability, as opposed to just an exercise in futility. It also provides another level of credibility to the federal government as a whole. Our citizens want to trust their government, and this I believe is another opportunity for them to trust the government. Financial statements are prepared. They're audited. And they are released to the public. And now with all of the many websites where you can drill down to even more information, you know, the transparency is growing. [ Wendy Payne: ] So I have worked with you for almost 30 years now, Monica, and one of the things that I will miss, among many, is seeing you each morning, and the chance to interact with you. And I feel blessed that you're succeeding me as executive director. My best wishes to you. [ Monica Valentine: ] Thank you, Wendy. And I find it an absolute pleasure and honor to follow you as executive director. Thank you. [ Leigha Kiger: ] Thank you for listening to "FASAB Bits and Bytes." I'm Leigha Kiger. For more from FASAB, please visit us at fasab.gov.