Michael Granof, EY Distinguished Centennial Professor at McCombs, was re-appointed by the Financial Accounting Foundation (FAF) to a second term on the Governmental Accounting Standards Board (GASB), effective July 1, 2015. Dr. Granof is also currently serving his second term on the Federal Accounting Standards Advisory Board (FASAB), making him the second person to ever serve on both boards concurrently.
“If you spent your whole life studying, writing about, and teaching standards, there is obviously professional satisfaction in finally being able to have a voice in them,” Dr. Granof said reflecting on the honor of serving as a board member for both GASB and FASAB.
“The Board of Trustees is pleased that Michael will serve another term on the GASB,” said FAF Chairman Jeffrey J. Diermeier. “His expertise in governmental accounting has brought an important perspective to the Board and he will continue to play a crucial role in its mission to improve financial reporting for state and local governments.”
Dr. Granof has been a member of the faculty of McCombs School of Business since 1972 and has taught at the LBJ School of Public Affairs since 1999. Throughout his career he has focused on financial and government accounting, writing numerous articles and textbooks on these subjects. He also brings the knowledge he gains from his experience on both boards into the classroom, a significant benefit for McCombs’ accounting students.
“Students love to hear war stories; there is no question about that. And I think it’s meaningful for students to get a perspective on how these statements are established. I think students read about the FASB, they read about the GASB, they read about the standards and they think that the chairmen of those boards go to the highest peak in Connecticut and suddenly there is a bolt of lightning and two tablets come down. I am able to convince them that these standards are set by humans. I’m able to give them the ins and outs and tell them how ugly standards’ setting actually is.”
The FAF is the independent, private-sector organization responsible for the oversight of the GASB and the Financial Accounting Standards Board (FASB). The GASB is an independent organization that establishes and improves standards of accounting and financial reporting for U.S. state and local government. The FASAB is an independent advisory board designated by the American Institute of Certified Public Accountants (AICPA) as the body that establishes accounting principles for federal entities.
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