Perceptions of chief financial officers concerning FASB

FASB has been criticized by various parties almost since its inception more than 25 years ago. However, it has operated under especially intense scrutiny and criticism during the last 5 years. The perceptions of individuals who are both knowledgeable of the accounting principles promulgated by the FASB and whose organizations are affected by their requirements - the CFOs of the 500 largest US companies - were solicited. CFOs have an acute interest in FASB pronouncements; more than 90% of the respondents stated that they receive the exposure drafts of proposed standards and that this has been the practice for the past 5 years. Approximately 85% of the CFOs believe that FASB formulates proposed accounting standards for the benefit of user groups such as security analysts, bank lending officers, portfolio managers, and ratings agencies.