Another view is that FASB (Financial Accounting Standards Board) should remain the main organization responsible for setting accounting standard. FASB is a private, independent organization funded solely by sales of its publications and standards. Because the FASB is independent, it can make its own decisions and not be influenced by any external party such as government agencies or special interests groups. This is a strength. In order to create standards and solicit input from all stakeholders, as well as conduct research, the FASB has a transparent and comprehensive process.
Some argue that government should have a larger role in setting accounting standards. Some feel that the government should be held more accountable and would therefore respond more to investors and others who use financial statements. Some argue that the government is equipped with the expertise and resources to deal with the constantly changing and complex issues in the accounting industry.
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