Did the Community of Christ denounce the Book of Mormon?

Most Mormons seem to be under the impression that the Community of Christ agreed to denounce the Book of Mormon as scripture in order to be accepted into the World Council of Churches. It's obvious that this isn't true, because the CofChrist names the Book of Mormon as accepted scripture in their Basic Beliefs . Did the Community of Christ denounce the Book of Mormon? If not, then why are the LDS under the impression that they did?