What opinion or additional meaningful response do you have on these two paragraphs? Please see below. No internet sources.

In my opening 'notion,' the GASB was created to be independent and set standards for the greater good of state and local accounting. If it rescinded its decision on Statement 45, this would generate the precedent (or the option) for states tochoosethe standards that they deem the best fit. I would argue that it would have a ripple effect that could threaten not only the independence of GASB but their authority to leverage new Statements.

Without this authority, what would stop other states or governmental interest groups from questioning all of GASB controversial Statements? Of course, one could argue the chief power given to GASB was the fear of 'auditor repercussion' or not receiving a clean audit. However, the need for GASB to stand firm to its convictions was necessary to keep the whole structure from crashing. To cancel GASB Statement 45, would be a cancel of GASB's mission, and their ability to be an independent standard-setter.