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The Board of Trustees of the Financial Accounting Foundation (FAF) announced that it has voted to approve major changes to the oversight, structure and operations of the FAF and its two standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
The changes are designed to protect and maintain the efficiency, effectiveness and independence of the standards-setting process.
The FAF Trustees are an independent body of leaders with diverse professional backgrounds, including business and financial executives, capital markets and investment professionals, public accountants, securities lawyers, accounting educators, and state and local government officials. Collectively, the Trustees are responsible for the oversight, administration, and finances of both the FASB and its counterpart for state and local government, GASB.
Today's changes emanate from the recommendations of the FAF Trustees' Special Committee on Governance Review. Established in July 2007, the Committee was created to examine the structure, effectiveness, and efficiency of the governance processes of the FAF, FASB and GASB