Summary: H.R.5058 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.5058. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/27/2002)

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."