A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

The letter, from Congressmen Brad Sherman, CPA, D-Calif., and John Campbell, CPA, R-Calif., along with 58 other members of the House from both parties, urges a careful rethinking of the proposed rule changes, which FASB has been working on with the International Accounting Standards Board as one of their four remaining priority convergence projects.

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