FEI testimony criticises FASB, IASB support of JWG proposals

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21 Feb 2002

In their Testimony (PDF 84k) before the ongoing US Congressional hearings on "Are Current Financial Accounting Standards Protecting Investors", Financial Executives International called mark-to-market accounting for financial instruments flawed and criticised both FASB and IASB for publishing and "strongly supporting" the Joint Working Group Proposal.

They voiced concerns regarding Enron's recognition in earnings of fair value increases for its energy trading derivatives.

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