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Journal Entry — FAF Approves Change to FASB/GASB Agenda-Setting Process and Reappointment of Marc Siegel

Published on: Feb 27, 2013

Yesterday, the board of trustees of the Financial Accounting Foundation (FAF), which oversees the FASB and the GASB, approved a key change to the two boards’ agenda-setting process. Decisions about project plans, agenda setting, and the priority of projects must now be approved by a majority vote of the respective boards at a public meeting instead of being made independently by each board’s chairman. The FAF trustees and the board chairmen believe that this change will improve the transparency of the standard-setting process.

In addition, the FAF board of trustees reappointed Marc A. Siegel to a second five-year term as a member of the FASB, beginning July 1, 2013.

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