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Increased Transparency and Oversight for Accounting Standards

This new act aims to enhance transparency and accountability for the body that sets accounting principles. This means decisions on how companies report their finances will be made more openly, considering costs and benefits for the economy. As a result, citizens can have greater confidence in the reliability of financial information, impacting market stability and their investments.
Key points
The accounting standard-setting body will operate more openly, similar to government agencies, increasing transparency in its decisions.
Before adopting new accounting principles, the body must analyze their impact on the economy and costs for businesses.
The head of the standard-setting body will testify annually before Congress, ensuring greater oversight and accountability.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_6726
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2023-12-12
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Responsible Accounting Standards Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6726.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-12-12.

What are the main provisions?

Key points include:

  • The accounting standard-setting body will operate more openly, similar to government agencies, increasing transparency in its decisions.
  • Before adopting new accounting principles, the body must analyze their impact on the economy and costs for businesses.
  • The head of the standard-setting body will testify annually before Congress, ensuring greater oversight and accountability.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Luetkemeyer, Blaine [R-MO-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy