Financial Accounting Blog

Monday, February 09, 2004

CFO.COM reports that Congress is questioning the effectiveness of GAAP standards in relation to Freddie Mac accounting problems.
"It is possible Freddie could have hidden billions of dollars on income in a way that complied with GAAP," said Stearns, chairman of the House Subcommittee on Commerce, Trade, and Consumer Protection. "I suggest this is not the result we want from U.S. accounting standards."