Financial Accounting Fairness Act of 1998

Financial Accounting Fairness Act of 1998 - Amends the Securities Exchange Act of 1934 to prescribe guidelines under which the Securities and Exchange Commission (SEC) must review and approve accounting principles proposed by an accounting standards board as a prerequisite to SEC treatment of: (1) such proposals as generally accepted accounting principles; and (2) industry financial statements as being non-compliant with generally accepted accounting principles.

Includes within such guidelines: (1) SEC consideration of investor protection, and the promotion of efficiency, competition, and capital formation; (2) SEC consultation with Federal banking agencies; (3) a public file of the record engendered by a proposed accounting principle; and (4) the availability of judicial review.