Letter to Regulators: AFR and the Consumer Federation of America Oppose Anti-Investor Proposal from FASB
“We are writing on behalf of the Consumer Federation of America (CFA) and Americans for Financial Reform to express our opposition to the Financial Accounting Standards Board (FASB)’s recently proposed changes to its discussion of materiality and its guidance regarding how to assess the materiality of disclosures contained in the footnotes of financial statements… Weakening the materiality standard and increasing regulatory deference to issuer and auditor judgments has long been a goal of the preparer community. These efforts have been strongly resisted by investors and investor advocates. It is disappointing, to say the least, to see FASB put forward a proposal that is so clearly intended to advance this anti-investor, anti-transparency agenda.