FASB Chairman Cautions on Proposed Legislation

Heffes, Ellen M.
May 2002
Financial Executive;May2002, Vol. 18 Issue 3, p16
Academic Journal
The article states that Financial Accounting Standards Board (FASB) Chairman Edmund L. Jenkins cautioned the U.S. Congress about legislative bills that could compromise transparency and FASB independence. The Democratic senators from Connecticut and New Jersey--Christopher J. Dodd and Jon Corzine--proposed "The Investor Confidence in Public Accounting Act of 2002," which refers to the recognition of generally accepted accounting principles by the Securities and Exchange Commission (SEC). Democratic Representatives from Michigan, New York, and Massachusetts--John D. Dingell, Edoiphus Towns, and Edward J. Markey--introduced "The Truth and Accountability in Accounting Act of 2002," which requires the SEC to conduct an annual review of unresolved accounting standards issues.


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