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Legislation seen as threat to FASB independence

  • FASB (old) Image

15 Jun 2004

The Trustees of the Financial Accounting Foundation, which oversees the FASB, have issued a press release expressing concern that FASB's independence is being "undermined" by legislation under consideration in the US Congress that would override or delay FASB's efforts to develop accounting standards for stock options.

"Once Congress starts setting accounting standards through its political process, the integrity of U.S. accounting standard setting and the credibility of U.S. financial reporting will be dangerously compromised." Link to Press Release.

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