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Comments invited on proposed changes to FASB

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22 Mar 2002

The Trustees of the US Financial Accounting Foundation have invited comments on proposals designed to streamline FASB operations.

They propose:
  • 1. Reducing the size of the FASB from 7 to 5 members
  • 2. A simple majority voting requirement of 3-2 for the five-member Board
  • 3. A recommendation to the FASB that it expose proposed standards for shorter comment periods (60 days is suggested)

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