FASB voting changed to simple majority; staff reorganised

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25 Apr 2002

The Trustees of the Financial Accounting Foundation, which oversees FASB, have approved a change of the FASB voting requirement for standards and exposure drafts from 5 out of 7 to a simple 4-3 majority.

The voting requirement for IASB is also a simple majority. The Trustees also discussed the FASB's reorganisation of its research and technical activities staff into three components: (1) major projects and technical activities (to be headed by Suzanne Q. Bielstein, formerly Assistant Director, Research and Technical Activities), (2) technical application and implementation activities (director to be named), and (3) planning, development and support activities (to be headed by Kimberley R. Petrone, formerly Project Manager). The Director, Technical Application and Implementation Activities will serve as Chair of the EITF. Until that position is filled, G. Michael Crooch, an FASB Board member, serves as the EITF Chair. Click for FAF Press Release (PDF 31k)

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