Financial Accounting Foundation picks new GASAC member

What happened: The Financial Reporting Council (FRC) in the UK opened applications for new members to join its UK GAAP Technical Advisory Group (TAG). Meanwhile, the Financial Accounting Foundation (FAF) in the US selected Joel Levy as the new member of the Governmental Accounting Standards Advisory Council (GASAC), starting 1 June 2026 and ending 31 December 2027. Additionally, the International Accounting Standards Board’s (IASB) Global Preparers Forum (GPF) appointed Geetika Arora as a member for an initial period of five years.

Market impact: These appointments influence accounting standards and practices, affecting listed companies and investors globally. Levy's role at GASAC, representing investors, may impact US governmental accounting standards. Arora's appointment to the GPF, with her multinational preparer experience, could influence international accounting standards.

What to watch next: Monitor the UK FRC's TAG appointment process for any industry representation shifts. In the US, track Levy's contributions to GASAC meetings and potential changes in governmental accounting standards. For the IASB, watch Arora's involvement in GPF discussions and any proposed changes to international accounting standards.