Financial Management Standards Board

I. Mission of board

The mission of the Financial Management Standards Board (FMSB) is to improve the effectiveness and efficiency of accounting and auditing standards at all levels of government and thus advance government accountability.

II. Purpose of board

The board shall oversee all aspects of AGA’s role in reviewing and responding to documents, setting:

  • Accounting and financial reporting standards (and related rules, regulations, policies and other pronouncements) promulgated by the Federal Accounting Standards Advisory Board, the Financial Accounting Standards Board, the Governmental Accounting Standards Board, the International Accounting Standards Board, the International Federation of Accountants, the Office of Management and Budget, and other organizations; and
  • Government auditing standards (and related rules, regulations, policies and other pronouncements) promulgated by the American Institute of Certified Public Accountants, the U.S. Government Accountability Office, the International Federation of Accountants’ International Auditing and Assurance Standards Board, the Public Company Accounting Oversight Board, the International Organization of Supreme Audit Institutions and other organizations.

III. Authority of board

The board shall carry out the following functions:

  1. Review all discussion memorandums, invitations to comment, exposure drafts and other proposed pronouncements that will significantly affect government accounting, auditing or financial reporting.
  2. On behalf of AGA, develop a consensus response to the documents within the timetable provided for public comment.
  3. The views of the FMSB do not necessarily represent those of AGA. Such a statement will be incorporated into all FMSB-issued documents.

IV. Structure of board

The board shall consist of 25 members (including the chair and vice chair), which shall include appropriate representation from federal, state and local government and other backgrounds (for example, academia, public accounting). AGA's executive director shall be an ex-officio board member. The national president shall appoint the 25 board members, the chair and vice chair. The NEC shall approve all appointments. Board members shall be appointed for a three-year term and may be reappointed for an additional three-year term. The chair and vice chair will serve a one-year term, with the ability to be appointed to serve additional terms in those capacities. The board shall be organized for the purposes of reviewing and responding to proposed accounting, auditing and financial reporting pronouncements on behalf of AGA in accordance with policies adopted by the board. An AGA staff liaison will act as project facilitator for development of comment letters and exposure drafts.