Congress looks at accounting for business combination外文翻译.pdf

? 2001 American Accounting Association Accounting Horizons Vol. 15 No. 1 March 2001 pp. 73-86 COMMENTARY Congress Looks at Accounting for Business Combinations Dennis R. Beresford Dennis R. Beresford is an Executive Professor at the University of Georgia. Accounting standards are too important to be left to accountants. This statement, made a few years ago by a member of Congress, reflects the increasing interest of politicians in the work ofthe Financial Accounting Standards Board (FASB). Congressional hearings during the first heilf of 2000 provide interesting insights into the influence of the political process on private sector accounting standard setting. This Commentary summarizes statements made at these hearings by members of Congress and other participants. Some of these supported the FASB, but most did not. I also describe the FASBs responses to the issues raised aind speculate on the type of Congressional action that could result from these events. CONGRESSIONAL INVOLVEMENT IN STANDARD SETTING Congressional involvement in the FASBs activities takes memy forms. For example, during my ten yeeirs at the Board, it was common for individual members of Congress to write letters asking us to explain our actions on current projects. These requests were often prompted by constituents who believed that the FASBs position would cause them economic harm. The letter might say something like: Attached is a letter from Mr. Jones, Chairman of Last National Bank. He states that the FASBs proposal on accounting for marketable securities will cause his bank to reduce mortgage lending and possibly even lay off a number of employees. Please inform me as to the reasons for this project and your response to Mr. Jones concerns. The FASBs reply generally described the status of the project and informed the writer that the alleged economic consequences were beyond the FASBs responsibility and probably unprovable anyway. In nearly all cases this satisfied the member of Congress and