Criticism is nothing new to either the Financial Accounting Standards Board or the Governmental Accounting Standards Board. They get it from investors who want more information. They get it from corporations that say they already offer too much information. And recently, they've gotten it from both the Securities and Exchange Commission and from a former SEC chairman.
The imbroglio with the regulatory body came to a head in December, when the Financial Accounting Foundation presented the SEC with a list of final appointments to its own board and FASB. The lack of a heads-up led the SEC to complain that such notification was inconsistent with the spirit of a policy statement that the commission issued in 2003. In that statement, the SEC said that as part of its oversight responsibilities, FASB should give the SEC "timely notice of, and discuss with the commission" its intention to appoint new members.
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