FAF plans a major overhaul of FASB in an effort to improve the interface with the IASB
The Financial Accounting Foundation (FAF), parent group of the Financial Accounting Standards Board (FASB) as well as USA’s Governmental Accounting Standards Board, yesterday issued a proposal on a major overhaul of the FASB board, giving its chairman Robert Herz the power to set the technical FASB agenda.
The FAF proposals put out for public comment reduce FASB’s size to five members from seven and allow the chairman to decide whether to place issues on the board’s agenda, which is seen as a measure to achieve a more focused board.
Under the proposal, FASB will also require specific backgrounds for its members from each of four areas – investing, auditing, preparing financial statements and the academic area.
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