CREDIT UNION NAT. ASS'N, INC. v. AICPA

No. 87-1429.

832 F.2d 104 (1987)

CREDIT UNION NATIONAL ASSOCIATION, INC., and Navy Federal Credit Union, Plaintiffs-Appellants, v. AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC., Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided October 26, 1987.


Attorney(s) appearing for the Case

Daniel W. Hildebrand, Ross & Stevens, S.C., Madison, Wis., for plaintiffs-appellants.

Louis A. Craco, Willkie Farr & Gallagher, New York City, for defendant-appellee.

Before BAUER, Chief Judge, and FLAUM and EASTERBROOK, Circuit Judges.


EASTERBROOK, Circuit Judge.

The American Institute of Certified Public Accountants (AICPA) recommends standards for the profession. People who depend on accountants' reports expect accountants to abide by the standards of the profession. One standard (Rule 203 of the AICPA Code of Professional Ethics) requires accountants to render financial reports in accord with decisions of the Financial Accounting Standards Board (the final arbiter of "generally accepted accounting...

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