“Don’t legislate accounting standards”, US accounting chiefs warn

A grouping of key US accounting figures has urged senators to vote down an
attempt to “legislate accounting standards”.

Key accounting figures from bodies including the
Center For Audit Quality,
, Investment Company Institute, and the
US Chamber of
among others, are attempting to block the so called Brown
amendment to the Restoring American Financial Stability Act, which would limit
leverage ratios at financial institutions.

The group said the standard setting process must be free, “both in fact and

“We believe political influences that dictate one particular outcome for an

accounting standard without the benefit of a public due process that considers
the views of investors and other stakeholders would have adverse impacts on
investor confidence and the quality of financial reporting, which are of
critical importance to the successful operation of the U.S. capital markets,”
the group said in a joint statement.

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