Tuesday, December 18, 2007
The Financial Accounting Foundation, the parent group for both the Financial Accounting Standards Board and the Government Accounting Standards Board, will propose an overhaul of the FASB board to reduce its size from seven to five members and to give the chairman the power to decide agenda items. Under the proposal, one member of the board will have to come from each of four backgrounds: investing, auditing, preparing financial statements and academic accounting. The Foundation also said it expected to take a more active role in oversight. In addition to its traditional role of setting accounting rules for US public companies, FASB is working on convergence with the rules of the International Auditing Standards Board. NYTimes, Overhaul Proposed in Accounting Standards Board.