As reported in Pensions & Investments, Maryland’s Treasurer Nancy Kopp was named to the board of the Financial Accounting Foundation (FAF). The Norwalk, Conn.-based private-sector organization oversees FASB and GASB. According to Pensions & Investments,
Effective Jan. 1, she will become one of the 17 trustees of the FAF board, replacing Cynthia P. Eisenhauer, a former Iowa state government aide whose term ends Dec. 31. Ms. Kopp’s term will run until the end of 2018.
The Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) set accounting standards, respectively, for the private and public sectors.
“As someone who has devoted her distinguished career to finance and budget issues, Nancy Kopp brings to the Board of Trustees extensive experience in public finance and accounting,” said FAF Chairman Jeffrey J. Diermeier. “I am pleased to welcome her to the Board, and look forward to the professional government perspective she’ll add to our discussions and decisions.”
First elected as Maryland State Treasurer in February 2002, and re-elected to full four-year terms in 2003, 2007, and 2011, Treasurer Kopp is the second woman to serve in that post. In addition to her responsibility for managing the Office of State Treasurer, as a constitutional officer and a representative of the Maryland General Assembly she holds positions of leadership on key state financial planning committees.
In June, GASB released its Guide to Implementation of GASB Statement 67 on Financial Reporting for Pension Plans which includes questions and answers on Statement 67. The Statement 68 Accounting and Financial Reporting for Pensions Employer Reporting Guide will be voted in December and released thereafter. Statements 67 and 68 are intended to improve the way state and local governments report their pension liabilities and expenses, resulting in a more faithful representation of the full impact of these obligations.