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The International Accounting Standards Committee Foundation, which both appoints members of the standards board and raises money for its operations, has come under considerable pressure in Europe from some politicians who think the board should be more accountable to governments, and should pay more attention to their opinions in setting accounting standards.
I don't believe in Congress setting accounting rules.
You are quite right to warn of the danger of Congress's setting accounting standards.
"But the prospect of having Congress setting accounting rules in any detail is horrifying".
"We try to avoid bias in setting accounting standards," he said.
In "Who Really Cooks the Books?" (Op-Ed, July 24), Warren Buffett says, "I don't believe in Congress setting accounting rules".
Similar(48)
For the Medicare FFS cohort studied, the inpatient care setting accounts for the largest proportion of Medicare spending.
But that's exactly what would happen, warn the accountants, if the government set accounting principles.
The Financial Accounting Standards Board now sets accounting rules and has exhibited backbone.
Currently the Financial Accounting Standards Board, which is supported by the accounting industry, sets accounting standards.
The Financial Accounting Standards Board, the private-sector panel that sets accounting rules, voted 7 to 0 to add options to its agenda.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com