Independence in Accounting Standard Setting

Bill proposed to create the "Investor Protection Act of 2009"

This is a public regulatory initiative  public

organization response

    AAA HQ
    Statement of the Shadow Financial Regulatory Committee on...
    organization response posted November 13, 2009 by AAA HQ, last edited November 13, 2009 by Tracey Sutherland 
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    title:
    Statement of the Shadow Financial Regulatory Committee on Reducing Interference with Accounting Standards
    brief description:

    The Shadow Financial Regulatory Committee's Statement #277 on Reducing Interference with Accounting Standards and Devising Securities to Price Moral Hazard asserts:

    Throughout the financial crisis, the two major accounting standard setters—the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)—have been under strong pressure to account for and accommodate concerns of financial regulators about financial stability and procyclicality in the design of the accounting rules. The Committee is concerned about these pressures as they lead to increasing interference with independent accounting standard setting and the purpose of financial reporting. In the Committee’s view, it is preferable to separate accounting standard setting and financial reporting from measuring regulatory capital for financial institutions.

    written by:
    Shadow Financial Regulatory Committee