The Financial Accounting Foundation board of trustees has revised a proposal to clarify the type of information the Governmental Accounting Standards Board may incorporate into the financial accounting and reporting concepts, standards, and guidance it issues for state and local governments.

Under the original proposal released in February, GASB, when considering a project possibly within its scope of authority, would have provided the FAF oversight committee with an expanded project proposal during the agenda-setting process. The oversight committee would have made recommendations to the FAF trustees on whether the project was within GASB’s scope of authority. The new proposal would move the oversight committee’s involvement from the agenda-setting process to a pre-agenda consultation.

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