FAF letter to President Bush on standard setting

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15 Nov 2008

In a letter to US President George W Bush in advance of the upcoming G20 summit meeting, the Financial Accounting Foundation has urged the President to support independent accounting standard setting and open due process that is 'free from political interference'.

Click to download the FAF letter to President Bush (PDF 1,616k). Here is an excerpt:

We understand that current issues relating to international accounting standards will be discussed at this meeting as part of a comprehensive examination of the global financial crisis. The FAF believes that the complex task of setting accounting standards is best done by the experts who comprise the FASB and the International Accounting Standards Board (IASB). We believe the integrity and independence of the accounting standard setting process is of critical importance to investors worldwide. We support the joint commitment of the FASB and the IASB to work in unison to develop and implement a consistent response to global financial reporting issues emanating from the current financial crisis.

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