Big Four Accounting Firms Express Their Support of the FASB to Congress
On Wednesday, PricewaterhouseCoopers (PwC), along with the other "Big Four" accounting firms sent a joint letter to members of Congress regarding the independence of the Financial Accounting Standards Board (FASB).
The joint letter expresses the firms’ views that Congress should preserve the independence of the FASB and avoid legislation that would have the effect of restricting the FASB’s ability to establish accounting standards.
The accounting firms issued the letter in response to the introduction of a number of proposed bills in Congress that recommend legislative action for the accounting for stock options. Additionally, PwC and the other signatories reaffirmed their support for the mandatory expensing of employee stock options whose fair value would be determined in a manner suitable for the reporting company.
You may view the entire letter. (NOTE: this letter is a .PDF file, you will need a copy of the free Acrobat Reader software. You may download this free software at http://www.adobe.com/products/acrobat/readstep2.html )
Voice of the Editor
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Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.