FASB Hits Bill to Postpone Ban on Pooling
American Banker (10/05/00) Vol. 104, No. 40 p.4; Garver, Rob

Lawmakers have submitted a proposal that would put off the ban on pooling-of-interests merger accounting. Rep. Chris Cox (R-Calif.) and Rep. Calvin Dooley, (D-Calif.) have introduced legislation that would postpone the Financial Accounting Standards Board's (FASB) bid to ban the accounting technique for one year. In a letter released Tuesday, the senators cautioned that a pooling ban could likely frustrate economic growth and "will almost certainly diminish market innovation." Responding, Jenkins said the proposal would "directly hamper the FASB's independence" and "would have a serious and negative impact upon consumers of financial information."

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