Financial Accounting Standards Board Act

Summary

Financial Accounting Standards Board Act - States that the duty of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting. Cites general principles and operating objectives to be followed when establishing financial accounting and reporting standards. Instructs the FASB to develop additional standards relating to: (1) off-balance-sheet accounting practices and standards, and accounting requirements for special-purpose entities, in a manner that is based on principles for determining bona fide economic control; and (2) marked-to-market accounting, including consideration of fair value to agreements involving commitments on the part of an issuer. Instructs the FASB to complete work on: (1) the project entitled "Measuring All Financial Assets and Liabilities at Fair Value;" and (2) the proposal entitled "Proposal for new agenda project: Issues relating to the recognition of revenues and liabilities."

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 June 2002

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 June 2002

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 June 2002

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.