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Accounting
by leon on March 19, 2009
What happens when you are not happy with the accounting rule-makers? Bring in a new one.
That seems to be the proposal from Edward L. Yingling from the American Bankers' Assocation. He has recommended replacing the Financial Accounting Standards Board with a "systemic regulator" who would do all the standards and set the rules. The banks have a real problem with independence. And they have friends in high places. Which is why Democrat Ed Perlmutter and Republican Frank Lucas have introduced a bill. according to this report, which would create a Federal Accounting Oversight Board to replace the FASB. Guess whose pocket board members would be in?
Permalink: Accounting reshuffle
Trackback: http://publish.creative-weblogging.com/publish/mt-tb.pl/146802
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