Big banks and financial companies have long gotten away with not disclosing clear and accurate valuations of many types of financial assets. When I heard that the Financial Accounting Standards Board was seeking comments on proposed stronger financial disclosure rules over one type of financial asset, “Variable Interest Entities,” I reviewed the changes and then wrote a letter in support.
As it turns out, my letter was the first of 31 to be submitted. The second letter was submitted by a leading independent accountant, Jack Ciesielski, who also offered his unqualified support for the FASB proposal.
He maintains a blog on accounting issues here: http://www.accountingobserver.com/blog/
After our two letters in support came a flood of opposition letters from such models of probity, foresight, and clear and forthright financial reporting as AIG, GMAC, Freddie Mac, Fannie Mae, MBIA, UBS, and Mortgage Bankers Association.
Links to all of the letters submitted to the FASB are here.