David Richard Bean

David Richard Bean is a pioneering figure in governmental accounting, recognized for his transformative impact on financial reporting and standard setting for governments. As the longtime Director of Research and Technical Activities at the Governmental Accounting Standards Board (GASB), Bean played a central role in shaping the framework and integrity of public sector financial reporting. His leadership ensured that the GASB’s standard-setting process remained transparent, independent, and inclusive of diverse stakeholder perspectives.

Bean’s contributions to governmental accounting span over four decades, during which he led the development of foundational reporting requirements, the conceptual framework, and numerous practice standards that continue to guide financial reporting today. His work heightened accountability and transparency in governmental financial reporting, reinforcing the integrity of public sector financial reports. Throughout his career, Bean engaged frequently with accounting professionals, auditors, and financial statement users, including policymakers: educating and guiding them through the complexities of governmental accounting.

Beyond his direct contributions to the GASB, Bean played a key role in the issuance of the State of Illinois’ first Generally Accepted Accounting Principles (GAAP) financial report in 1981 and, while serving as the Government Finance Officers Association’s director of technical services, he was the lead author of the 1988 Governmental Accounting, Auditing, and Financial Reporting (GAAFR or blue book) and was the last director of the National Council on Governmental Accounting before the formation of the GASB. He also played an instrumental role in shaping the international landscape of public sector accounting. He was a member and Deputy Chair of the International Public Sector Accounting Standards Board (IPSASB), contributing significantly to the development of international accounting standards for government entities. His leadership also fostered collaboration between the GASB and other standard-setting organizations, enhancing alignment and consistency in public sector financial reporting across jurisdictions.

A passionate advocate for education and professional development, Bean mentored generations of accounting professionals. He significantly expanded the GASB’s postgraduate technical assistant program to provide hands-on experience to recent graduates, and established initiatives such as the Gilbert W. Crain Memorial Research Grant program, which funds research on topics relevant to the GASB. He strengthened relationships with the academic community by spearheading efforts to integrate rigorous research into standard-setting.

Recognized for his unparalleled contributions, Bean’s leadership fundamentally shaped the evolution of GAAP for government entities. His dedication to enhancing transparency, fostering professional development, and strengthening global collaboration has left a lasting impact on the accounting profession. After 30 years of service, Bean retired from the GASB in 2021. However, he remains an influential voice in governmental accounting: continuing to educate and support stakeholders in governmental financial reporting.

David Richard Bean is the 121st inductee to The Accounting Hall of Fame.