SEC Chairman Mary Schapiro asked the House Financial Services Committee leadership not to put the FASB under the supervision of a proposed Federal Accounting Oversight Board instead of the SEC.
SEC Chairman Mary Schapiro asked the House Financial Services Committee leadership not to put the FASB under the supervision of a proposed Federal Accounting Oversight Board instead of the SEC.
"This is an issue of paramount importance, and I believe it critical that Congress preserve the independence of those bodies whose sole function is to guarantee the integrity of the information on which our capital markets depend," Schapiro wrote in letter to the Committee.
"I am deeply concerned about the possible consequences of changing that system to one that would subject accounting standard-setters to the supervision of entities with other regulatory missions."
Schapiro wrote that she fears "the potential consequences for our capital markets if investors come to believe that accounting standards serve any purpose other than to report the unvarnished truth."
Source: Thompson/Reuters
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