According to Robert Attmore, chairman of the GASB, “The GASB has never endorsed the so-called I-PORTAL program, and in fact had not even been aware of its existence until these claims were brought to our attention.”

The Financial Accounting Foundation (FAF), the parent entity of the GASB, has sent a cease and desist letter to MRSI, ordering MRSI to cease distribution of these materials and any other misleading representations that the GASB has endorsed its product. It also demands that MRSI cease its unauthorized use of the GASB trademark and logo in its company literature.

“As a precaution, the GASB is reaching out to our state and local government constituents in Pennsylvania to make them aware of this potential scam,” adds Mr. Attmore “and to encourage them to be wary of similar misrepresentations by unscrupulous businesses and individuals.”

By a letter issued late last week, the FAF and GASB are also notifying the Pennsylvania Attorney General of the potential scam and will cooperate in any official investigation of this matter.

About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 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. More information about the GASB can be found at its website, www.gasb.org.