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Article: Big Six's FASB role rattles profession. (Big Six accounting firms, large corporate clients' influence on rule-making process by Financial Accounting Standards Board concerns others in accounting industry)
- Article from:
- Accounting Today
- Article date:
- April 19, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NORWALK, CONN. -- The Financial Accounting Standards Board's decision to propose a new stock-option accounting rule has renewed concerns in the profession that the standard-setting process is being tarnished by alliances between the Big Six and major corporations.
Critics say the process is adding unneeded complexity to accounting standards, a burden which falls most harshly on local accounting firms and their small-business clients. Some observers say the new compensation rules could be as difficult and costly to implement as Financial Accounting Standard 106 on post-employment health benefits.
Many accountants appear just as disturbed that in a case ...