Patton named to national accounting council

Patton named to national accounting council

Terry Patton, Chair and Robert Madera Distinguished Professor of Accounting at Midwestern State University, was one of five new members recently appointed to the Governmental Accounting Standards Advisory Council (GASAC). Patton will serve a two-year term beginning January 1, 2018.

Patton graduated from Wichita Falls High School in 1980, then graduated summa cum laude with a BBA from MSU in 1984. He received his master's from the University of North Texas, and a doctorate with a concentration in governmental accounting from Texas Tech. After receiving his doctorate, Patton served as the research manager for the Governmental Accounting Standards Board (GASB), the body that sets financial reporting standards for state and local governments. In 2007 Patton returned to Wichita Falls as the Robert Madera Distinguished Professor at MSU. He served as dean from May 2012-August 2017.

Patton and his wife, Suesan, are co-authors of Introduction to Governmental and Not-for-Profit Accounting, a widely used textbook. He has served on the boards of First Step Inc., the Chamber of Commerce and Industry, and the Better Business Bureau.

The GASAC advises the GASB on strategic and technical issues, project priorities, and other matters that affect standards setting. The council also provides the board with diverse perspectives from individuals with varied business, governmental, and professional backgrounds. 

The new GASAC members will serve two-year terms beginning January 1, 2018, and are eligible to be reappointed for up to two additional consecutive terms. The GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for U.S. state and local governments that follow generally accepted accounting principles.