AICPA President and CEO Barry Melancon released an official statement about the recently passed bailout legislation.
He said "CPAs will roll up our sleeves to do our part to help individuals and businesses move forward...the AICPA is pleased Congress avoided calls by some for an immediate suspension of fiar value accounting rules."
He further stated: "Our longstanding position is that accounting standards ultimately should be set by the private sector."
See the full statement here:
http://www.aicpa.org/download/news/2008/AICPA_APPLAUDS_HOUSE_PASSAGE_OF_FINANCIAL_STABILITY_BILL.pdf
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