Keep Politics Out of Accounting Standards

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					Keep Politics Out of Accounting Standards
Edward Trott
The CPA Journal; May 2009; 79, 5; Docstoc
pg. 19




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DOCUMENT INFO
Description: Financial reporting is the communication of financial information to the capital markets. The capital markets, made up of investors and lenders, use the information to make decisions. The accounting standards set forth the information to be provided in financial reporting. Accounting standards are not and should not be part of any government's fiscal policy or any regulator's monetary policy. The discussion of the Financial Crisis Advisory Group (FCAG) about whether financial reporting should be designed to be pro- or counter-cyclical or designed to be part of meeting a regulator's objectives or goals is not necessary. Don't confuse the role of providing information with the job of governments and regulators.
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