MC accounting professor first Mississippian to serve on federal accounting board

As a member of the Federal Accounting Standards Advisory Board, Billy Morehead, MC professor of accounting, will help develop financial reporting standards for the federal government.

Billy Morehead, professor of accounting, director of the Master of Accounting program and director of the Center for Faith, Service and Ethics at Mississippi College, has been appointed to the seven-member Federal Accounting Standards Advisory Board for a five-year term.

Of the three national accounting standards-setting boards, including the FASAB, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, Morehead is the first Mississippian to serve as a member.

“I am extremely honored by this appointment,” Morehead said. “Serving on an accounting standards-setting board is an amazing opportunity that comes with great responsibility. Being able to represent the accounting profession, Mississippi College and the state of Mississippi while serving on the FASAB is icing on the cake.”

The FASAB plays a major role in fulfilling the government’s responsibility to be publicly accountable. It serves the public interest by improving federal financial reporting. After considering the needs of external and internal users of federal financial information, it issues federal financial accounting standards and improves guidance.

An Appointments Panel composed of the FASAB chair, Government Accountability Office and Treasury Board members, an Office of Management and Budget representative, and three members of the American Institute of CPAs and the Financial Accounting Foundation advises FASAB sponsors on appointments and re-appointments for the five nonfederal members of the Board. Their recommendation went to FASAB sponsors Scott K.H. Bessent, secretary of the treasury; Russell T. Vought, director of the Office of Management and Budget; and Orice Williams Brown, acting comptroller general of the U.S., who made the final appointment.

Terry Patton, FASAB chair, congratulated Morehead on his selection.

“We are fortunate to have a highly qualified individual join the Board,” Patton said. “Dr. Morehead has extensive experience in government and governmental accounting. We look forward to him using his expertise and experience to help FASAB continue to develop the highest quality financial reporting standards for the federal government.”

Morehead has more than 30 years of experience in education and administration. He received his B.B.A. in accounting from Delta State University, his Master of Accountancy from Millsaps College and his Ph.D. from the University of Southern Mississippi in addition to being a licensed Certified Public Accountant in Mississippi and a Certified Government Financial Manager.

He has served as auditor and CFO at Mississippi State Hospital and vice president for finance and administration, interim business dean, and chair and associate professor of accountancy at Delta State University.

Since joining the MC Business faculty in 2011, Morehead has taught a variety of accounting courses. His expertise is in governmental accounting, fraud and leadership.

Recipient of the Association of Governmental Accountants' National President's Award, Morehead has been a member of the Mississippi Society of Certified Public Accountants for four decades. In 2024, he received the MSCPA’s Outstanding Educator award.