Government Accounting Chair Eyes AI, Tech Integration

The leader of a top US standard-setter wants his board to take the next step in using emerging technology to craft accounting rules for local and state governments. Joel Black, chair of the Governmental Accounting Standards Board, said a key priority for the board this year is shifting gears from monitoring emerging tools such as artificial intelligence to preparing for its future integration. In his final two years as leader, Black said he intends to craft an enduring focus on how technology can make financial reporting more efficient. GASB establishes standards for state and local governments that follow generally accepted accounting principles, or GAAP. Cities and states' staffing shortages and resource constraints have motivated the board to be especially selective about the projects it takes on, Black said. The board is currently working to update how governments should value infrastructure assets such as bridges and tunnels, as well as develop digital classifications for financial reporting. Black, who previously worked at Mauldin & Jenkins LLC and KPMG LLP, has led the board since 2020. Bloomberg Tax reporter Jorja Siemons spoke with Black about his 2025 priorities. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.