The Financial Accounting Foundation’s board of trustees has voted to approve a range of sweeping changes in the oversight, structure and operations of the FAF and its two standards-setting boards — the Financial Accounting Standards Board and the Governmental Accounting Standards Board.The FAF plans to expand the number and breadth of investors, accounting, business, financial and government organizations and entities invited to nominate FAF trustees. Final authority for all the appointments will remain at the discretion of the board of trustees, who are responsible for the oversight, administration and finances for both of the standard-setting boards.
The board voted to reduce the size of FASB from seven members to five, effective July 1, 2008. The board will retain the FASB simple majority-voting requirement, but affirmed the need for investor participation by broadening the current by-law requirement that FASB members possess investment experience.
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