By Edith Orenstein, FEI Financial Reporting Blog - This afternoon, Financial Executives International (FEI), the leading advocate for the views of corporate financial management, representing over 15,000 members who serve as CFOs, Treasurers, Controllers, and other senior financial executives, issued a statement commending the recent actions taken by Congress, the Administration and regulatory agencies in response to the credit crisis.
FEI commends the U.S. Senate and the House of Representatives for passing the Emergency Economic Stabilization Act of 2008 (EESA), and President George W. Bush for quickly signing it into law.
FEI has historically supported the important tax provisions in the economic recovery package, particularly the two-year extension of the Research & Development (R&D) Tax Credit and the Alternative Minimum Tax (AMT) relief for individual taxpayers.
FEI also appreciates the joint efforts of the U.S. Securities and Exchange Commission (SEC) and Financial Accounting Standards Board (FASB) in providing additional clarity in applying the existing fair value accounting standards in illiquid markets (as issued on September 30). Furthermore, we support the SEC's decision to commence its study of the impact of mark-to-market accounting so quickly after enactment of EESA, as announced by the SEC on October 7.