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FASB Chairman comments on proposed US legislation

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23 Mar 2002

Financial Accounting Standards Board Chairman Edmund L.

Jenkins has commented on two bills recently introduced in the United States Congress that include provisions concerning the FASB. Both bills would mandate annual FASB reporting to Congress, and one of them would allow SEC recognition of FASB standards only if FASB's funding is restricted to fees and publications revenue (no contributions). Mr. Jenkins indicated that FASB will support legislation that would provide funding to FASB via a fee collection system run by the government.

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