The Financial Management Standards Board (FMSB) serves as AGA’s voice in shaping the future of government accounting and financial reporting standards. Comprised of experts from federal, state, and local government, as well as academia and the private sector, the FMSB plays a critical role in promoting transparency, consistency, and accountability across all levels of government.
What the FMSB Does
The FMSB works to strengthen public trust in government by advocating for improved accounting and financial reporting standards. Its primary role is to review and respond to proposals issued by national standard-setting bodies that impact how governments report their financial performance.
As part of this mission, the Board evaluates and develops responses to due process documents such as exposure drafts, invitations to comment, and discussion memorandums issued by:
- The Federal Accounting Standards Advisory Board (FASAB)
- The Governmental Accounting Standards Board (GASB)
- The U.S. Government Accountability Office (GAO) on topics such as Government Auditing Standards and Standards for Internal Control in the Federal Government
- Other standard-setting organizations, as approved by the Board Chair
FMSB responses are developed through a consensus-based process and submitted on behalf of AGA within the public comment periods defined by each standard-setting body.
Note: The views expressed in FMSB comment letters reflect the Board’s consensus and do not necessarily represent the views of AGA as an organization.
Responsibilities and Impact
Through timely analysis and thoughtful responses, the FMSB:
- Influences the direction of key accounting and reporting standards
- Brings practical government finance experience to the standard-setting process
- Elevates the voice of financial professionals working in government
- Supports the ongoing improvement of financial transparency and accountability
FMSB members collaborate with AGA staff to craft and submit responses that reflect real-world impact, promote clarity, and support responsible governance.
Who Serves on the FMSB
The FMSB includes up to 25 members, including a Chair and Vice Chair. Membership reflects a wide range of perspectives and expertise, with representation from:
- Federal, state, and local governments
- Academia
- Public accounting and the private sector
Members are appointed by the National President and approved by the National Governing Board (NGB). Terms are three years, staggered to ensure continuity, and members may be reappointed. The Chair and Vice Chair serve one-year terms, with the opportunity for renewal.AGA’s CEO serves as an ex-officio board member, and an AGA staff liaison supports the board’s work by coordinating comment letter development and submission logistics.
Interested in serving on the FMSB? Contact governance@agacgfm.org for more information.
