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HR 5365 106th Congress House Commerce Accounting Congress Congressional reporting requirements Corporate mergers Economic impact statements Economics and Public Finance Federal advisory bodies Finance and Financial Sector Financial statements Government Operations and Politics Information disclosure (Securities law) Intangible property Intellectual property Investments Labor and Employment Pension funds Securities industry Standards

Financial Accounting for Intangibles Reexamination (FAIR) Act

Introduced: October 3, 2000 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 20, 2000
Referred to the Subcommittee on Finance and Hazardous Materials.
Oct 3, 2000
Referred to the House Committee on Commerce.
Oct 3, 2000
Introduced in House
 Plain-English summary Congressional Research Service
Financial Accounting for Intangibles Reexamination (FAIR) Act - Expresses the sense of Congress that before changing existing accounting rules for business combinations and intangible assets, the Securities and Exchange Commission and the Financial Accounting Standards Board should undertake a comprehensive reexamination of appropriate accounting methods for purchased and internally generated intangibles including goodwill, and should await the results of related studies of these issues.

States that the availability and use of the pooling of interests method of accounting for any business combination shall be determined in accordance with generally accepted accounting principles in effect on October 1, 2000.

Establishes the Commission on Financial Accounting for Intangibles to consider specified aspects of: (1) generally accepted accounting principles; (2) intangible assets; and (3) the pooling of interests method of accounting for business combinations.

Instructs the Commission to report its recommendations and conclusions to the President and Congress.

What's happening now October 20, 2000

Referred to the Subcommittee on Finance and Hazardous Materials.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1