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SEC Approves PCAOB, FASB Budgets WASHINGTON, March 4, 2005 (SmartPros) The Securities and Exchange Commission on Thursday approved the $137 million 2005 budget for the Public Company Accounting Oversight Board. The private, nonprofit oversight board had recently slashed its original budget for this year from $153 million because it fell short of its expected hiring goals last year. In 2004, the PCAOB only used 75 percent of its $103 million allocated budget. All but one million dollars of the 2005 budget will be funded by U.S. public companies that the PCAOB is charged with inspecting and disciplining. The SEC also approved the 2005 budget for the Financial Accounting Standards Board -- $20 million. According to Nicolaisen, FASB has begun a project to create an integrated codification of generally accepted accounting principles -- an online database that aims to make accounting standards and rules easier to use. For more information: http://www.sec.gov/news/speech/spch030305dtn.htm
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