From the most thorough composting web page I've found: MasterComposter.com:

"Wallboard
In response to a reader's question on this, I spoke with Jim Doersam, the Composting Manager at Texas Organic Products who composts various wastes from construction sites. He said that manufacturers of mobile homes frequently use a type of wallboard that is vinyl on one side. That wallboard vinyl can NOT be composted. However, regular wallboard with paper on both sides definitely can be composted. In fact, he says it is made of calcium sulfate, i.e., gypsum, which is beneficial to your soil. "