Systemic risk legislation update: No change in FASB oversight
by AccountingWEB on
In the face of opposition from the accounting profession and business community, the House Financial Services Committee has approved a revised amendment to the Financial Stability Improvement Act (FSIA) (H.R. 3996) that limits the authority of a proposed systemic risk council of regulators to offering advice about accounting rules that could pose problems to the broader marketplace. The bill was voted out of committee on December 2 and has been sent to the House floor for debate.
The original amendment would have given the systemic risk regulator the power to oversee the Financial Accounting Standards Board's (FASB) standard-setting activities. The Securities and Exchange Commission will retain this authority.
In addition to setting up the new systemic risk regulator, the House bill would subject the Federal Reserve’s monetary policy to congressional audits and abolish the Office of Thrift Supervision.
A final House vote may take place before the end of the month, but the Senate will not take up the bill until 2010.
You may like these other stories...
The Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses.The measure, HR 4718, which was crafted by Representative Pat...
The Republican-led House of Representatives is expected to pass a bill this week that would permanently extend the bonus depreciation tax break. But don’t expect President Obama to sign it.The Obama administration said...
The House Judiciary Committee backed a bill on Wednesday that would make permanent a moratorium that bans state and local governments from taxing access to the Internet.The panel approved HR 3086, known as the Permanent...
Upcoming CPE Webinars
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
FRF for SMEs Series--Statement of Cash Flows, Subsequent Events, Related Party Issues, Accounting for Investments including Consolidations, Part 4A
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.