The body that oversees the Financial Accounting Standards Board has floated the idea of cutting FASB from seven board members to five, and simplifying vote procedures to make adoption of new accounting rules a speedier process.
The board of trustees of the Financial Accounting Foundation, which sets funding for and approves appointments to both FASB and the Government Accounting Standards Board, has asked for public comment on a series of ideas to improve efficiency and effectiveness at the boards. Chief among the proposals is scaling back to a five-member FASB and allowing a simple majority vote to approve standards or other guidance.
FAF says reducing the size of FASB would make the Board more “nimble and responsive.” The proposals also include giving the Board chairman, currently Robert Herz, sole discretion over FASB’s agenda instead of requiring a Board vote to determine what projects will be added to the agenda. That... To get the full story, subscribe now.
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