“In recognition of the … consensus-building nature of its mandate, the FASB’s process for issuing an accounting standard elicits widespread, thoughtful responses. The process is completely public. Repeated rounds of exposure drafts encourage wide participation… As a result of the open, elaborate standard-setting process, FASB’s standards incorporate diverse points of view in an acceptable political consensus.” – Regina E. Herzlinger, Harvard professor via House Ways and Means Committee’s Health Subcommittee hearing, July 18, 2006