FAF approves change to FASB/GASB agenda-setting process and reappointment of Marc Siegel

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27 Feb 2013

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.

The press release on the FAF new agenda-setting process and the reappointment of Mr Siegel are available on the FASB website.

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