WASHINGTON - The board of the Financial Accounting Foundation announced yesterday that it approved changes to the oversight, structure, and operations of the two standard-setting bodies it oversees, the Governmental Accounting Standards Board, which sets standards state and local governments, and the Financial Accounting Standards Board, which establishes accounting standards for corporations and nonprofit organizations.

Though the changes are billed as a way to boost the independence of the standards-setting process, the FAF's announcement omitted any mention of a controversial proposal that would void a carefully negotiated 1984 agreement allowing two governmental groups - the Government Finance Officers Association and the National Association of State Auditors, Comptrollers and Treasurers - to elect three members to the FAF board.

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