According to the Wall Street Journal, Representative Luetkemeyer, a Republican from Missouri, introduced a bill on September 27 in Congress requiring the Financial Accounting Standards Board (FASB) to formally study the impact of new accounting standards before finalizing them.
Questions:
- What Act does the bill seek to apply?
- What are the three major effects that the bill seeks to have investigated?
- What subcommittee does Mr. Luetkemeyer sit on?
- What will Mr. Luetkemeyer’s bill be called?
- What is the Financial Accounting Foundation (FAF) and the FASB’s position on this bill?
Source:
Maurer, M. (2019) Congressman Introduces Bill Requiring FASB to Study New Standards. The Wall Street Journal, Sep. 27 (Retrievable online at https://www.wsj.com/articles/congressman-introduces-bill-requiring-fasb-to-study-new-standards-11569624940)