Bloomberg reported that former members of the Financial Accounting Standards Board and other observers of accounting rulemaking, voiced concern about threats to FASB’s independence because of a $3 million pledge by FASB’s parent to the group that oversees the International Accounting Standards Board.

The article noted that a former FASB member, Edward Trott, along with a top accountant at the American Bankers Association and other accounting sources who are familiar with situation have raised questions regarding the propriety of the pledge.

A January 28, 2014 news release from the Financial Accounting Foundation said the group will make a non-recurring contribution of up to $3 million to the International Financial Reporting Standards Foundation to support the completion of international convergence projects.

To read the full Bloomberg article click here.

To read the FAF news release click here.