FASB proposal draws critical feedback

06/29/2010 | Compliance Week

Changes to financial-instrument accounting recently proposed by the Financial Accounting Standards Board have drawn strong reactions in comment letters. Although it is early in the comment period, FASB has already received dozens of comments regarding the proposals. Most of the letters question the purpose of the proposals. "What exactly are you trying to accomplish by doing this?" asked Gregory Klein of Merrill Lynch, Pierce, Fenner & Smith.

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