NEWS RELEASE 05/23/05

Financial Accounting Foundation Appoints Keith L. Johnson as Chairman of the Governmental Accounting Standards Advisory Council

Norwalk, CT, May 23, 2005—The Financial Accounting Foundation (FAF) has announced that Keith L. Johnson has been named as chairman of the FAF’s Governmental Accounting Standards Advisory Council (GASAC), for a two-year term, effective July 1. Mr. Johnson will replace Harvey C. Eckert whose term as GASAC chairman concludes at the end of June. The GASAC consults with the Governmental Accounting Standards Board (GASB) on technical issues, project priorities, and other matters likely to concern the GASB.

Mr. Johnson currently is serving a four-year term as the elected controller for the State of Idaho where he is responsible for overseeing all fiscal concerns of the state. Previously, he served as chief deputy state controller in Idaho and as the Oklahoma State comptroller. He worked on the bankruptcy workout for Orange County, California and for the federal government relating to the liquidation of failed savings and loan entities. Mr. Johnson also has experience as an internal municipal auditor and as an external auditor with large CPA firms.

Commenting on the appointment, Robert E. Denham, chairman of the Financial Accounting Foundation said, “The Foundation is very pleased to be able to appoint Keith Johnson as chairman of GASAC. His background and expertise combined with his past contributions as a GASAC member will make him a superb chairman.”

Mr. Johnson, a certified public accountant, became a member of GASAC in 2004 as the representative of the National Association of State Auditors, Comptroller & Treasurers (NASACT). He currently serves as secretary/treasurer of the National Association of State Comptrollers (NASC), from which he received the President’s Award in 1999 and 2004, and is a past member of the Members in Government Committee of the American Institute of Certified Public Accountants. He is a member of other professional organizations including the Government Finance Officers Association (GFOA).

Mr. Johnson earned a bachelor’s degree in business administration-accounting from Boise State University and a Juris Doctor from the University of Denver College of Law.


About the Financial Accounting Foundation

The Financial Accounting Foundation is responsible for overseeing, funding and selecting the members of the FASB and the GASB. For more information on the organizations it oversees, visit the Foundation’s websites at www.gasb.org and www.fasb.org.

About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community. More information about the GASB can be found at its website www.gasb.org.

About the Governmental Accounting Standards Advisory Council

The GASAC’s twenty-nine members are appointed by the FAF primarily based on nominations from GASB constituent groups and are broadly representative of the preparers, attestors, and users of state and local government financial information. They meet three times a year to consult with the Governmental Accounting Standards Board (GASB) on technical issues on the Board’s agenda, project priorities, accounting issues likely to require the attention of the GASB, constituent communications, and other matters as requested by the GASB or its Chairman. The GASAC members provide valuable input and advice to the GASB, including constituent views regarding technical issues on the GASB’s agenda of projects and the prioritization of projects.