The main council that provides guidance to the Financial Accounting Standards Board doesn’t agree that the accounting profession’s rulemaking structure is in need of reshaping.
At a meeting of the Financial Accounting Standards Advisory Council earlier this week, council members reached a consensus that they disagreed with recent views expressed by former Securities and Exchange Commission Chairman Arthur Levitt Jr. In a recent Wall Street Journal editorial, Levitt said that both FASB and its sister board, the Governmental Accounting Standards Board, should be restructured.
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