Bill would create body to oversee accounting standards

03/9/2009 | Washington Post, The · WebCPA

Lawmakers have introduced a bill that would create the Federal Accounting Oversight Board, a new entity. The FAOB would not replace the Financial Accounting Standards Board; it would approve standards and decide how they are applied. Some industry insiders say the FAOB would likely ease mark-to-market accounting standards. The banking industry welcomed the legislation, while an investors advocate criticized the measure.

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Washington Post, The · WebCPA

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