An interview with the new chair of the GASB.

• Position: Governmental Accounting Standards Board Chairman Tom Allen - Interview

Tom Allen became chair of the Governmental Accounting Standards Board (GASB) in July 1995. He was first appointed to the board the previous year by the Financial Accounting Foundation, which is responsible for overseeing the operations of both the GASB and the Financial Accounting Standards Board. Allen succeeds James Antonio, who served as the GASB's chair since the board's inception in 1984 and was not eligible for reappointment.

Allen was the first elected state auditor for the State of Utah, a post he occupied from 1984 until his appointment as chair of the GASB. He joined the office of the state auditor in 1973 and held various posts in that office prior to his election in 1984, including the post of deputy state auditor. Prior to joining the office of the state auditor, Allen worked in public accounting and as a federal contract auditor. Allen is a member of the American Institute of Certified Public Accountants (AICPA) and served on that group's Auditing Standards Board from 1987 to 1990. He also was chair of the AICPA's Members in Government Committee and served on the AICPA's Ethics Committee and on the AICPA's Government Accounting and Auditing Committee. In addition, he was a member of the executive committee of the National Association of State Auditors, Comptrollers and Treasurers and a member of the Utah Society of Certified Public Accountants. In 1990, the Association of Government Accountants selected Allen as the outstanding state or local government fiscal officer. In 1991, he received the Donald L. Scantlebury Memorial Award from the Federal Joint Financial Management Improvement Program for distinguished leadership in financial management improvement. Also in 1991, the Utah Society of Certified Public Accountants selected him as the year's outstanding CPA.

Q Based on your experience as a board member and government official, what do you consider to be the GASB's most notable accomplishments during its first 10 years?

A I believe that the GASB has had great success in establishing its credibility as a financial standard setter. It is now widely recognized that the GASB sets generally accepted accounting principles (GAAP) for state and local governments, and a significant majority of state and local governments in the United States do, in fact, follow the GAAP set by the GASB. The Financial Accounting Foundation (FAF), which is responsible for overseeing the GASB, released an oversight review report on the GASB in July...