Final answer:
The FASB has seven board members, each of whom is appointed for an initial term of five years and can be reappointed once, allowing a maximum service of ten years on the board.
Step-by-step explanation:
The Financial Accounting Standards Board (FASB) is a critical body in the field of accounting that establishes financial accounting and reporting standards for public and private companies, as well as not-for-profit organizations, that follow Generally Accepted Accounting Principles (GAAP) in the United States. The FASB has seven board members who are appointed for a term of five years, with the eligibility for reappointment to one additional five-year term. This means that the maximum duration a member can serve on the FASB is ten years in total.