The Financial Accounting Standards Board has proposed an overhaul of the board's structure that would cut the number of members of the board from seven to five and allow the chairman to put items on the agenda.

The five board members would come from at least four different backgrounds: investing, auditing, preparing corporate financial statements internally, and academia, according to The New York Times. The fifth member would be a kind of wild card and could come from any of those backgrounds. The changes would also give the FASB chairman the authority to decide which items get on the agenda. Right now, the board votes to decide on the agenda items.

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