The Spirit of Accounting: FASB Finally Finds Freedom at 40


Our study of the Financial Accounting Standards Board's 40-year history shows us it has been politically dominated one way or another for virtually its entire existence. The two exceptions we see are a seven-week period in 2002 and only recently in 2013. We think that everyone, especially the board's members, must understand that it is now more free than ever to resolutely fulfill its social responsibility to help create more efficient capital markets through improved financial reporting.

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