Financial Accounting Standards Board Act
Latest action · Jul 10, 2002 Forwarded by Subcommittee to Full Committee (Amended).
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 27, 2002
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Cites general principles and operating objectives to be followed when establishing financial accounting and reporting standards.
Instructs the FASB to develop additional standards relating to: (1) off-balance-sheet accounting practices and standards, and accounting requirements for special-purpose entities, in a manner that is based on principles for determining bona fide economic control; and (2) marked-to-market accounting, including consideration of fair value to agreements involving commitments on the part of an issuer.
Instructs the FASB to complete work on: (1) the project entitled "Measuring All Financial Assets and Liabilities at Fair Value;" and (2) the proposal entitled "Proposal for new agenda project: Issues relating to the recognition of revenues and liabilities."
Cosponsors 8
Members who signed on, in the order they did. All signed on Jun 27, 2002.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MI | Fred Upton | Original | Jun 27, 2002 |
| R-OR | Greg Walden | Original | Jun 27, 2002 |
| R-PA | James C. Greenwood | Original | Jun 27, 2002 |
| R-TX | Joe Barton | Original | Jun 27, 2002 |
| R-NE | Lee Terry | Original | Jun 27, 2002 |
| R-FL | Michael Bilirakis | Original | Jun 27, 2002 |
| R-OH | Paul E. Gillmor | Original | Jun 27, 2002 |
| R-LA | W. J. (Billy) Tauzin | Original | Jun 27, 2002 |
Actions 5
Everything that happened, newest first.
- Jul 10, 2002Forwarded by Subcommittee to Full Committee (Amended).
- Jul 10, 2002Referred to the Subcommittee on Commerce, Trade and Consumer Protection.
- Jul 10, 2002Subcommittee Consideration and Mark-up Session Held.
- Jun 27, 2002Introduced in House
- Jun 27, 2002Referred to the House Committee on Energy and Commerce.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Accounting
- Administrative procedure
- Auditing and auditors
- Business records
- Commerce
- Congress
- Congressional investigations
- Congressional reporting requirements
- Corporate collapse
- Debtor and creditor
- Finance and Financial Sector
- Financial statements
- Government Operations and Politics
- Government paperwork
- Information disclosure (Securities law)
- Intangible property
- Intellectual property
- International Affairs
- International cooperation
- Investors
- Law
- Standards
- Valuation
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.