The Financial Accounting Foundation advised President Bush and other U.S. and world leaders attending the G-20 summit to safeguard fair value accounting and the independent standard-setting process in a strongly worded letter.

The letter followed on the heels of another missive issued by the International Accounting Standards Committee Foundation last week with similar sentiments (see International Accounting Group Appeals to Bush). As with the IASC Foundation letter, FAF Chairman Robert Denham addressed his letter to Bush, but asked the meeting secretariat to circulate the letter to the other summit participants. He also CC'ed congressional leaders, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, SEC Chairman Christopher Cox and the other SEC commissioners. The FAF is the oversight organization for the Financial Accounting Standards Board.

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