Last week, FASB Chairman Robert Herz submitted a letter to Congressman Barney Frank, Chairman of the House Financial Services Committee, and Congressman Spencer Bachus, Ranking Minority Member, regarding accounting rules that were being used (or misused) by Lehman Brothers prior to its bankruptcy in 2008. The letter, which explains the relevant accounting guidance, was entered as testimony during last week’s Lehman hearings on Capitol Hill.

The letter is available on this website, by clicking the following link: CLICK HERE