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SEC Under Pressure for Overhaul of Accounting Standards Board

June 7, 2021, 8:01 PM

Auditors and business representatives dominate the Financial Accounting Standards Board, leading to “glacial” standard-setting and rules that don’t serve investor needs, a group of more than 30 investors, academics, and watchdog groups told SEC Chairman Gary Gensler on Monday.

The Securities and Exchange Commission thus needs to force FASB to increase the number of investors on the board to a majority of the seven seats, the group wrote. Their letter followed Gensler’s sudden ouster late last week of the chairman of another SEC-overseen body, the Public Company Accounting Oversight Board.

  • Only if FASB and its parent organization, Financial ...

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