NEWS RELEASE 01/21/02

James M. Williams Named to the Governmental Accounting Standards Board

Norwalk, CT, January 21, 2002—James M. Williams, a Partner and the National Director of Public Sector Accounting and Assurance Services with Ernst & Young LLP, has been named to a five-year term as a member of the Governmental Accounting Standards Board (GASB), effective July 1, 2002. Mr. Williams will succeed Edward M. Klasny, a retired Partner of Ernst & Young LLP, whose second and final term ends on June 30 of this year. The appointment was made by the Financial Accounting Foundation’s Board of Trustees, which oversees the activities of the GASB and Financial Accounting Standards Board (FASB).  

In commenting on Mr. Williams’ appointment, Manuel H. Johnson, Chairman and President of the Financial Accounting Foundation, stated "We are very pleased to announce Jim’s appointment to the GASB. He brings a wealth of experience in governmental accounting and demonstrated leadership skills. His background will be an asset to the GASB."

At Ernst & Young, Mr. Williams is responsible for monitoring and communicating information and guidance on current governmental developments to public-sector specialists throughout the firm and, he participates in public-sector engagements.

Mr. Williams, a Certified Governmental Financial Manager, has participated extensively in professional activities and committee service. He represents the American Institute of Certified Public Accountants (AICPA) on the Governmental Accounting Standards Advisory Council. He also chairs the Association of Government Accountants (AGA) Financial Management Standards Board.

Among Mr. Wiliams’ past professional contributions, he was a member of the AICPA Government Accounting and Auditing Committee and the AGA State and Local Government Committee. He also was a member of the AICPA Government Technical Standards Subcommittee and served on several GASB task forces.

Mr. Williams, a Certified Public Accountant, is a graduate of the University of Texas at Austin where he received B.B.A. and M.B.A. degrees in accounting and an M.A. degree in public administration.

About the Governmental Accounting Standards Board and the Financial Accounting Foundation

Formed in 1984, the GASB is the independent, not-for-profit organization that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community.

The Financial Accounting Foundation is responsible for funding, overseeing and selecting the members of the GASB and the FASB. For more information on the organizations it oversees, visit its websites at www.gasb.org and www.fasb.org.