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