Oversight Board Chief Slams Congress Accounting Intervention

Congress’s unprecedented meddling in accounting rules imperils quality and independent financial reporting, Financial Accounting Foundation Chair Kathleen Casey said.

“We were very disappointed by this action and continue to work to protect and defend the integrity of GAAP and the standard-setting process,” Casey said Wednesday, referring to U.S. generally accepted accounting principles, which are written by the Financial Accounting Standards Board. She made the remarks during a FAF trustees meeting.

Congress in March offered banks the option to delay a massive accounting change they were supposed to start following this year. Tucked into the $2 trillion coronavirus relief law ...