Investor group says FASB is compromised

Investor group says FASB is compromised

Advisory committee says standard setter has lost independence after political interference

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.

Resources & Whitepapers

How to optimise your compliance lifecycle

How to optimise your compliance lifecycle

3m
The new rules of accounting

The new rules of accounting

3m
5 ways internal productivity can boost your profitability

5 ways internal productivity can boost your profitability

4m
Crushing the Four Barriers to Growth

Crushing the Four Barriers to Growth

4m

Related Articles

Top 10 lessons learnt on the road to FASB/IASB lease accounting compliance

Accounting Standards Top 10 lessons learnt on the road to FASB/IASB lease accounting compliance

10m Sponsored | Trimble
How to Manage FASB & IFRS Lease Accounting in a Sea of Changing Standards

Accounting Standards How to Manage FASB & IFRS Lease Accounting in a Sea of Changing Standards

11m Craig Gillespie
New IASB/FASB lease accounting standards: what happens after the dust settles?

Accounting Standards New IASB/FASB lease accounting standards: what happens after the dust settles?

1y Craig Gillespie
FASB publishes US leasing standard

Accounting Standards FASB publishes US leasing standard

4y Calum Fuller, Reporter
IASB calls for one year deferment on IFRS 15 Revenue from Contracts with Customers

Accounting Standards IASB calls for one year deferment on IFRS 15 Revenue from Contracts with Customers

5y Chris Warmoll, Writer
IFRS Foundation calls for delay to revenue recognition

Accounting Standards IFRS Foundation calls for delay to revenue recognition

5y Richard Crump, Writer
FASB votes to defer revenue recognition standard

Accounting Standards FASB votes to defer revenue recognition standard

5y Richard Crump, Writer
FASB considers delay to revenue recognition rules

Accounting Standards FASB considers delay to revenue recognition rules

5y Richard Crump, Writer