FAF Reappoints Siegel to FASB Board; Returns FASB, GASB Agenda-Setting Power to Full Board
In two separate announcements yesterday, the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, announced:
1. the reappointment of Marc A. Siegel as a FASB board member for another term, and
2. that the procedures for agenda-setting, or adding projects to the respective (FASB or GASB) board's agenda, will return to the tranditional procedure of a majority vote, which will take place at a public meeting. This traditional practice had been superceded a few years ago by a change to placement of this power in the hands of the Chairman of each board in an effort to bring about more efficiency - a move that was generally criticized at the time, and has now been reversed back to the traditional practice in the change announced by the FAF yesterday.