Debating who sets accounting standards.

The article reports on the petition filed by certified public accountant firm Arthur Andersen and Co. for the Securities and Exchange Commission (SEC) to clarify accounting pronouncements in the U.S. It explains that Andersen's decision on the issue of who sets accounting regulations was triggered by SEC's new standards which violated the act that requires due process. It also notes the Andersen's main concern is the policymaking body of accounting rules for the fairness of financial statements.