H.R.5058 - Financial Accounting Standards Board Act107th Congress (2001-2002)
|Sponsor:||Rep. Stearns, Cliff [R-FL-6] (Introduced 06/27/2002)|
|Committees:||House - Energy and Commerce|
|Latest Action:||07/10/2002 Forwarded by Subcommittee to Full Committee (Amended).|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.5058 — 107th Congress (2001-2002)All Bill Information (Except Text)
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.
Introduced in House (06/27/2002)
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."