December 7, 2009

The Chairman of the Financial Accounting Standards Board, Robert Herz, is proposing that restrictions tying financial institutions to GAAP standards be relaxed. Herz says, ” handcuffing regulators to GAAP or distorting GAAP to always fit the needs of regulators is inconsistent with the different purposes of financial reporting and prudential regulation…”

Read the full article in the New York Times.

Read Herz’s full speech.