SEC opposes giving regulators power over accounting standards

11/20/2009 | WebCPA

U.S. Rep. Ed Perlmutter, D-Colo., has proposed a measure that would establish an oversight council of bank regulators that could change accounting standards. The Securities and Exchange Commission has voiced opposition to the proposal. "The chairman sent another letter to the chairman of the House Financial Services Committee [Rep. Barney Frank, D-Mass.] on the importance of independent accounting standards, with a fairly clear view that accounting ought to be for accounting's sake," said Jim Kroeker, chief accountant at the SEC, in reference to SEC chief Mary Schapiro.

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