The board's stated intention is to issue a final statement by December 31, 1997. In announcing the limited re-exposure, the board said it would close the comment period 45 days after the date of distribution to the task force and would not consider comments received after that cut-off date.

The announcement is a bold move on the part of the board to move forward in spite of continued pressure from the financial community to make a full re-exposure of the document. The American Bankers Association released a copy of a letter dated August 20, 1997, addressed to FASB chair Edmund Jenkins and SEC Chairman Arthur Levitt and signed by the chief executives of 13 financial institutions urging a full re-exposure of the revised proposals. Among those marked for copies of the letter were Senators D'Amato, Gramm, and Dodd, Congressman Dingell, and Federal Reserve Chief Alan Greenspan.

FASB, based on published news accounts, has the backing of SEC Chairman Levitt and Chief Accountant Michael Sutton. AICPA president Barry Melancon has also spoken out in support of FASB.