FASB chairman testifies on accounting challenge of derivatives

Financial Accounting Standards Board (FASB) Chairman Dennis R. Beresford testified before the House Committee on Banking, Finance and Urban Affairs on June 23rd on the "accounting challenge" of derivative financial instruments that is faced by the FASB. "I would observe that there are few unanimous views about the 'right' response to the accounting challenge of innovative financial instruments," Beresford said. "Throughout the process some organizations have chided us to move faster. But almost every step we have taken has prompted vociferous opposition," he added.