PCAOB and must come from fee assessments on public companies and accountants, not contributions. As a result, the FASB is more dependent on the SEC, but more independent from the constituents it serves. 8. The FASB’s standard-setting procedure is anything but fairly narrow or cut and dried. In fact the whole process is highly politically charged and involves multi steps of identifying a problem, assembling a task force, a public hearing and a final vote. “Johnson and Swieringa gave an extensively detailed discussion of the process involving SFAS No. 115 on accounting for marketable securities. …Adding to the complexity was the intertwining of the marketable securities project with the financial instruments project. Prob 2 Unamortized discount, issue cost and redemption premium on bonds refunded concerned the committee because they affected the financial statements. The committee was pushing for uniformity and eliminating alternatives. The two acceptable alternatives for dealing with the costs of any issue was to “write-off in full in the year of refunding and amortization over the remainder of the original life of the issue retired.
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