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Abstract: 

The Financial Accounting Standards Board has sometimes had to duck for cover when industry attacks found congressional support, but the Enron debacle and other accounting scandals have allowed, if not required, the organization to establish its independence. The General Accounting Office seems to support an independent FASB, and stated in a recent letter to Paul S. Sarbanes that “the FASB should have mandatory sources of funding to remove the appearance of any independence issues related to funding FASB.”1 Two recent FASB initiatives suggest that the Board wants to weigh in on current issues, specifically special purpose entities and accounting treatment of derivatives.

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