Final answer:
The Financial Accounting Foundation indeed oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board, ensuring that both organizations adhere to their designated roles in setting accounting standards.
Step-by-step explanation:
The statement that the Financial Accounting Foundation has oversight over both the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) is true. The Financial Accounting Foundation (FAF) is the independent, private-sector organization that is responsible for the oversight, administration, and finances of its standard-setting boards, which are the FASB and the GASB. The FASB establishes standards for private sector accounting, and the GASB establishes standards for state and local government accounting.