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094697 1 (1978-10-12)

handle is hein.gao/gaobaculr0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C. 20548 B-176544 January 18, 1979 Ms. June Vitale, Manuscript Editor Journal of Accountancy 094697 1211 Avenue of the Americas New York, New York 10036 Dear Ms. Vitale: I am enclosing a retyped version of my testimony pursuant to the letter of January 10, 1979, from Barbara J. Shildneck, Managing Editor, requesting permission to use the testimony in a forthcoming Journal article. You will note we have added answers to questions you posed and have added a couple of additional paragraphs to explain a couple of our points more fully. As Mr. Scantlebury discussed with you by phone, the headlines do not seem appropriate. The FASB has the Independence and Expertise is subject to challenge. One point made by many state and local accountants is that the FASB does not have sufficient expertise. The other title The NCGA has the Authority and Experience is also inappropriate since the NCGA has no real authority save that conferred upon it by those it represents. I would suggest the following as substitutes: The FASB has the The NCGA has the Independence Experience Since this testimony was given, much has happened to bring about the kind of cooperation suggested in my testimony. You might want to include something like the following in your editors comments on the developments on this matter. At this writing, it appears that this cooperation is very likely to occur. In early December, the Members of the NCGA and the FASB met in the FASB offices in Stamford, Connecticut to discuss their mutual interests in this matter. As I understand it, the NCGA has offered to work with the FASB in a cooperation project to develop objectives of financial statements. A sub- committee of the FASAC recommended that the FASB cooperate with NCGA in such a project.

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