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CUNA to FASB: Hold your horses!

WASHINGTON-In a letter to the Financial Accounting Foundation (FAF), CUNA requested that more time be granted to comment on the restructuring of the Financial Accounting Standards Board (FASB). The group has asked that public comments be turned in by April 17, 2002, just 30 days after publication in the Federal...

By Staff Writer | Updated on April 02, 2002

<p>WASHINGTON-In a letter to the Financial Accounting Foundation (FAF), CUNA requested that more time be granted to comment on the restructuring of the Financial Accounting Standards Board (FASB). The group has asked that public comments be turned in by April 17, 2002, just 30 days after publication in the Federal Register. The FAF is considering: A reduction in the size of the FASB from seven to five members through attrition and the composition of the board; A simple majority-voting requirement of 3-2 for the five-member board (The current board has a 5-2 supermajority requirement.); and A recommendation to the FASB for shorter comment periods on proposed standards. According to the letter, CUNA wants more time to obtain input from their members. The trade association is asking for another 30 days.</p>

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