We didn't mean to politicise accounting, says US finance committee
Peak US financial committee said it tried pressure but not politicise American standard setter.
A peak US financial committee said it didn’t mean to politicise accounting
standards when it leaned on the US standard setter to change its fair value
rules.
Barney Frank, chairman of the House Financial Services Committee, said he was
only trying to exert pressure when he told Financial Accounting Standards Board
chairman Robert Herz that he needed to revise fair value rules during a
subcommittee hearing, webcpa.com reports.
Frank said he would `never’ consider recommending legislation which mandated
accounting rules, but warned that this might change when he steps down as
chairman.
`We will never legislate accounting while I’m chairman,’ said Frank. `That’s
not going to be forever.’
Fellow committee member John Campbell, said the committee was not interested
in pressuring accounting rule makers.
“We do not want to be politicising accounting standards,” he said.
“That will be a disaster…All sorts of things can get involved when you
politicize accounting, so the last thing in the world I want to see is us making
accounting rules because we will make them for the wrong reasons.”
Read the full story:
Barney
Frank: ‘We Will Never Legislate Accounting’