Bill Would Force Economic Studies Before Accounting Rule Changes (1)

Sept. 27, 2019, 7:06 PMUpdated: Sept. 27, 2019, 7:19 PM

U.S. accounting rulemakers would have to formally study the economic impact of new standards before finalizing them under a bill introduced by Rep. Blaine Luetkemeyer.

Introduced Sept. 27, the bill would require the Financial Accounting Standards Board to follow the Administrative Procedure Act, which makes most federal regulators seek public input before writing new rules.

In addition, the Responsible Accounting Standards Act would require FASB to study the effect a new rule could have on the economy, market stability, and credit availability.

FASB already holds public meetings, solicits input, and hosts roundtables and workshops before finalizing accounting standards, but ...

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