AICPA, SEC & FEI unite in support of FASB’s independence
The AICPA strongly opposes new legislation that places oversight of FASB under a new agency being created to oversee systemic risk and could ultimately “undermine the independent accounting standard process as currently carried out by the FASB.”
Sponsored by Rep. Ed Perlmutter, D-Colo., the bill would amend the Securities Act of 1933 and remove the oversight role over FASB from the SEC, and instead, assign the role to a Federal Accounting Oversight Board. The new board would consist of the banking regulators, the SEC chairman and the PCAOB chairman.
In the letter to the House Financial Services Committee, AICPA President and CEO Barry Melancon emphasized that the current structure ensures “that U.S. capital market participants receive the best possible financial information on public companies so that current and potential investors can make decisions and allocate capital efficiently.”
SEC Chairman Mary Schapiro pulled no punches in her comment letter to the House Committee, warning the committee that, “Accounting should be about accounting, and not about anything else.”
The Financial Executives International (FEI) expressed similar concerns in a letter saying, “Acting on such proposals to realign oversight of the Financial Accounting Standards Board could change the objectives of financial reporting, harm U.S. capital formation, and potentially politicize the process of setting accounting standards. The missions of bank regulators and accounting standard setters, although often complementary, are different in their purpose.”
The CAQ lead the way in a letter sent last week jointly with the Council of Institutional Investors and the U.S. Chamber of Commerce, saying, “We believe that the SEC has been and continues to be best suited to provide the oversight of the FASB for such a broad and diverse economy.”
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LAST UPDATED 11/12/2009