I just received an email from the AICPA with the Perlmutter (D-CO) amendment to the Financial Stability Improvement Act of 2009, which gives Congress the right to override GAAP they don’t like.  Not surprisingly, the AICPA opposes it.  Here is the amendment, in all its glory (emphasis mine):

“SEC. 1103. PRUDENTIAL OVERSIGHT OF ACCOUNTING PRINCIPLES AND STANDARDS THAT POSE SYSTEMIC RISKS.

(a)    IN GENERAL.—In the event that any member of the Council believes that an accounting principle, standard or procedure threatens the stability of the United States financial system or companies, as a whole, then the Council shall investigate and by a majority vote, determine whether any corrective action, emergency or otherwise, is necessary to prevent or mitigate any adverse effects from such principle, standard or procedure.  In the event that the Council determines that corrective action is necessary then, the Council shall recommend to the SEC, either publicly or privately to take such action as is necessary, including but not limited to suspension, modification or elimination of such accounting principles, standards or procedures as they may apply to the stability of the financial system or the safety and soundness of financial companies, as a whole, for such duration as is reasonable and appropriate.

(b)     ADOPTION OF COUNCIL RECOMMENDATIONS BY SECURITIES AND EXCHANGE COMMISSION.—the Securities and Exchange Commission shall ensure that the prudential standards recommended by the Council are implemented within 60 days of the Council’s recommendation or within such other time period specified by the Council.

(c)    FAILURE TO ADOPT STANDARDS.—If the Securities and Exchange Commission fails to ensure that the prudential standards recommended by the Council are implemented within the time period specified in paragraph (b), the Council is authorized to direct that any recommendations issued pursuant to paragraph (a) be implemented for the purposes of generally accepted accounting principles.”