The Financial Accounting Foundation's board of trustees has voted to approve sweeping changes in the oversight, structure and operations of the Financial Accounting Foundation 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 remains at the discretion of the board of trustees. The FAF is also changing the current term of trustees from one three-year term with a possible second three-year term to one five-year term.

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