Let FASB Rescue High-Tech Accounting from Chaos

For years, investors relied on the Financial Accounting Standards Board (FASB) to set generally accepted accounting principles (GAAP). Then came the Net, and dot-coms rushed in with analytical data ("The numbers game," Cover Story, May 14). But no one stepped forward to fill the gap in generally accepted analytical techniques (GAAT).

The Securities & Exchange Commission must recognize the importance of the Net, address the convergence of accounting with analytics, and maybe even appoint a GAAT-maker. My vote would be FASB. The U.S. has the best accounting standards in the world. It's time for a new series for the Information Age.