WASHINGTON - The Government Finance Officers Association has abandoned its push to put the Governmental Accounting Standards Board out of business and will no longer seek to transfer governmental accounting standards-setting to the Financial Accounting Standards Board, which establishes accounting standards for corporations and nonprofit organizations.

GFOA's changed position, which appears on its Web site, comes as the National Federation of Municipal Analysts released a four-page position paper yesterday expressing strong support for GASB while urging the standards-setter to consider shoring up its limited resources by eliminating some "redundant" projects that replicate efforts by other market groups and that do not relate directly to accounting and financial reporting.

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