A proposal being put out for comment today seeks to overhaul the Financial Accounting Foundation, the body that determines who will set accounting rules in the United States, and would enable the Financial Accounting Standards Board to act faster while increasing the power of its chairman, Robert H. Herz.
The proposals would reduce the FASB's size from seven to five members, and would give the chairman the power to decide whether or not to place issues on the board’s agenda, according to Norris's column.
“The changes would provide greater focus, and improve the speed of decision making,” Robert Denham, the chairman of the foundation, the parent group of both the FASB and the Government Accounting Standards Board, told the New York Times.
Denham told the times that the proposed revisions would additionally involve changes in how the foundation's trustees are chosen, and would also strengthen it to provide more oversight to the two accounting boards it oversees.
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