Mar
19
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?
no comment untill now