The Financial Accounting Standards Board and the Governmental Accounting Standards Board will begin using a majority vote, instead of relying on the board chairman’s decision alone, to establish project plans and agendas, and decide on the priority of projects.
The board of trustees of the Financial Accounting Foundation, the parent organization overseeing FASB and GASB, approved a key change Tuesday in the governance and standard-setting process of the two boards, whose chairmen are both departing in June. No successors have yet been named to FASB chair Leslie Seidman and GASB chair Robert Attmore. Seidman's term ends in June, and Attmore has announced his intention to retire in June of this year, although his term ends in June 2014
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