A group of seven accounting and business organizations are protesting a proposed amendment to the financial regulatory reform legislation from Sen. Sherrod Brown, D-Ohio, that would legislate some accounting standards for financial reporting.
The amendment mainly aims to limit the balance-sheet leverage ratios at financial institutions, but also includes a provision requiring that within a year of enactment of the financial reform legislation, the Securities and Exchange Commission, or a standard-setter designated by and under the oversight of the commission, shall establish a standard requiring that each issuer that is required to submit reports to the commission under this section record all assets and liabilities of the issuer on the balance sheet of the issuer.
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