FAF Reappoints Siegel to FASB Board; Returns FASB, GASB Agenda-Setting Power to Full Board

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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 This traditional practice had been superceded a few years ago by a change to placement of this power in the hands of the Chairman of each board in an effort to bring about more efficiency - a move that was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.

Additional details can be found here.

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