The US Financial Accounting Foundation (FAF)
has commissioned an independent academic study reviewing the
purpose of accounting and financial reporting for state and local

The FAF said the study will examine the role
of reporting standards and guidelines issued by the FAF’s
affiliate, the Governmental Accounting Standards Board (GASB), to
enabling users to assess the accountability of the public

The research group will be lead by University
of Washington senior lecture Kenneth Smith.

Once completed, the study will serve “as an
important tool to aid the FAF’s board of trustees in its ongoing
oversight of the GASB and how the GASB can best serve constituents
within the context of its mission”.

The FAF expects the study to be conclude
before the end of the year.