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FAF chairman expresses concern re Congressional interference

  • FASB (old) Image

18 May 2004

Robert Denham, the chairman of the Financial Accounting Foundation (which oversees FASB), has expressed "grave concern" over the approval of draft legislation that would pre-empt a FASB standard on share-based payment (see our news story of 15 May).

"Advancing this bill in the legislative process harms the credibility of America's system for providing transparent and unbiased financial information to investors," Mr. Denham said. "By inserting Congress into the setting of standards for accounting by publicly traded companies, HR 3574 [the bill] would undermine the independence of the Financial Accounting Standards Board, which Congress recently reaffirmed in the Sarbanes-Oxley Act." The FASB has agreed to propose a stock options standard very similar to IFRS 2. Click for FAF News Release (PDF 23k).

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