ICI Urges Investor Representation on Financial Accounting Standards Board

Washington, DC, April 22, 2002 - The Financial Accounting Standards Board (FASB) should include one or more representatives from the investor community, according to a comment letter recently filed with the FASB by the Institute.

The Institute's letter notes that investors are the ultimate consumers of financial information produced by issuers of securities, and that the FASB should be structured to ensure that their view are considered in the standard setting process, even if the size of the FASB is reduced from seven to five members as proposed.