Paulette R. Tandy
University of Nevada, Las Vegas
Nancy L. Wilburn
Northern Arizona University
Abstract: This study presents an examination of Fortune 500 participation in the FASB's standard-setting process. Fortune 500 companies submitted approximately 40 percent of all industry comment letters on the 173 documents preceding SFAS Nos. 1-133, averaging 33 letters per document. Substantive standards generate significantly more letters from Fortune 500 companies than amendments or industry standards. Almost all of the individual companies that are listed on the Fortune 500 throughout the 25-year period submitted at least one comment letter. Companies in the petroleum refining industry appeared most frequently in the top participators, whereas food and apparel industry companies appeared most frequently in the bottom. The size of the company, as measured by sales, is significant in explaining the number of comment letters submitted for the different scopes of documents.
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