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More About Standards
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I agree with the assessment of the letter writer regarding the FASB (“Agrees with Need for Change,” JofA, Sept.00, page 14). Some of the pronouncements are prime material for the repertoire of the Theatre of the Absurd.
However, I do not believe the AICPA should be allowed to participate in the standard-setting process. This organization is engrossed in its own survival and expansion. Minimal lip service is paid to what once was the accounting profession. Read or re-read the published materials supporting what is called the “Vision.” Some people may favor calling this vision a nightmare.
I suggest that each member of the FASB should be required to read at least once a year the book, “Making Accounting Policy,” by David Solomons.
Delmer P. Hylton
Emeritus Professor of Accountancy
Wake Forest University
Winston-Salem, North Carolina
