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23 Jun 2009
An advisory panel of investors has accused the US accounting standard setter of losing its independence after it succumbed to political pressure over mark-to-market accounting changes in a fiery letter.
The group said the Financial Accounting Standards Board should have fought off pressure from politicians and lobbyists who sought special treatment for banks with toxic assets on their books, Reuters has reported.
The panel, the Investors Technical Advisory Committee was set up by FASB to act as a barometer for investors on accounting rules.
Members include representatives from the CFA Centre for Financial Market Integrity and analysts from Moody's Corp, Standard & Poors, Sachs & Co, JP Morgan Securities and the California Public Employees' Retirement System.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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