he Board requires the approval of four of the seven Board members (only Board members may vote). Once approved, FASB Statements are considered to be generally accepted accounting procedures (GAAP). In this context, FASB Statements become binding rules for the practice of financial accounting.
In the case of the "Accounting for Research and Development and Similar Costs" project, the Board assembled a special "task force of 16 persons from industry, government, public accounting, the financial community, and academia à to provide counsel to the Board in preparing a Discussion Memorandum analyzing issues related to the project" (Financial Accounting Standards Board, 1974, p. 9). Prior to placing the "Accounting for Research and Development and Similar Costs" project on the Board's technical agenda in April 1973, the American Institute of Certified Public Accountants (AICPA) had published Accounting Research Study No. 14: Accounting for Research and Development Expenditures in February of that year. Because of the availability of this research study and other recently "published r
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