Norwalk, Conn. (Feb. 10, 2003) Until the Securities and Exchange Commission officially informs the Financial Accounting Standards Board that it will continue in its role as a standard-setter for the profession, funding for the accounting rule maker has been placed on hold.A FASB representative said the board hasn’t received any fees for its 2003 budget of roughly $26 million, because the regulator hasn’t recognized the organization as the official standard-setter for the profession as mandated under the passage of Sarbanes-Oxley.

According to published reports, an SEC spokesman said that the regulator "is working" on naming FASB as standard-setter to the profession.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access