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The book begins with an overview of how and why the present self-regulatory arrangement for setting standards for financial reporting in the private sector came about in 1973. A brief description of the new structure is followed by a discussion of the essential elements of meaningful self-regulation. A schism emerged between advocates of neutrality and objectivity in standard setting and those who think the primary concern should be for possible economic and social consequences. Early clashes between traditional views and newer insights are described, setting the stage for an account of serious resistance to change. Powerful interests mount determined efforts to thwart the standard setters, undercutting not only self-regulation, but also the intent of the federal securities acts of 1933 and 1934. The practical and philosophical bases for the opposing views are examined, and recommendations are presented for ensuring continuation of private-sector standard setting despite the intensity of these views.

Tabla de contenidos provista por Syndetics

• A "Last Chance" for Self-Regulation
• A Goldfish in a Pool of Sharks?
• A Baptism of Fire
• An Encounter with "No-Cost"
• Accounting Agent of Change in a Conservative Environment
• What's Sauce for the Goose... A Kaleidoscope of Complaints
• The Business Roundtable Steps Up to Bat Another Waltz 'Round the Table'
• The Trustees Go Into a "Prevent Defense"
• Accounting "Truth"--Or Consequences?
• "The Public Interest"--Or Public Intent?
• Epilogue Selected
• Bibliography
• Index

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CHOICE Review

The Financial Accounting Standards Board (FASB) is caught in the middle. Through reasoning, discussion, and persuasion, Board members attempt to build a national consensus on accounting issues and on financial disclosure to the public. The Board then issues opinions called Financial Accounting Standards (FAS), which accountants should follow. Van Riper, a retired senior member of the FASB staff, tells the contentious history of a private sector group establishing accounting standards in the US. He details the legislative history of the Securities and Exchange Commission, including their decision to allow the private sector to establish accounting standards, and the demise of the FASB's predecessor groups. He captures the reader's attention by documenting the conflicting philosophies of financial statement preparers and the Board. Personalities also play an important part in this story. Van Riper presents the backgrounds and opinions of Board members, various advisory groups, and commissions. Of particular interest is the author's discussion of the way in which large corporations, major public accounting firms, and politicians attempt to influence the Board's rulings. For upper-division undergraduate through professional collections. G. W. Goodale; Castleton State College

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ROBERT VAN RIPER is a retired senior member of the staff at the Financial Accounting Standards Board, 1973-1991. Prior to that, he was senior vice president of N.W. Ayer, Inc. He is the author of many articles in business and professional journals and two novels.