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The Wall Street Journal in a column by Roger Lowenstein on March 21, 1996, carried the story that J. Michael Cook, chairman of Deloitte & Touche LLP and president of the Financial Accounting Foundation, the parent and oversight organization of the FASB, said that FASB will be shook up soon, probably in a major way, and there is no telling exactly how the cards will fall. The March 21st column primarily dealt with the affect FASB's rule making is having on business and the efforts of the Financial Executives Institute to reduce the size of FASB and transfer its agenda setting to an independent third party.
A recent news account stated that Cook dismissed the remarks attributed to him as completely erroneous. According to the news account, Cook went on to say that changes in the structure and operations of the foundation and the board are under consideration and are being considered as part of a strategic-planning process. *
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