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 ...