The Accounting Standards Setting Process in the U.S.: Examination of the SEC–FASB Relationship

Dan Palmon (), Marietta Peytcheva () and Ari Yezegel ()
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Dan Palmon: Rutgers University
Marietta Peytcheva: Lehigh University
Ari Yezegel: Bentley University

Group Decision and Negotiation, 2011, vol. 20, issue 2, No 4, 165-183

Abstract: Abstract In the U.S. there is a close relationship between the Securities and Exchange Commission (SEC), a governmental agency legally responsible for setting accounting standards, and the Financial Accounting Standards Board (FASB), a private sector body to whom the SEC has delegated this responsibility. In this paper we examine the influence of the SEC on the FASB as evidenced by all major statements issued by the FASB. Minor statements, amendments, and strictly technical pronouncements were omitted because of their limited exposure to the political process. Our analysis reveals that the SEC applied substantial pressure on the FASB in the standard setting process and has not adopted a position of benign neglect.

Keywords: Accounting standards setting process; Group decision; FASB; U.S. Congress (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s10726-009-9166-x

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