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The paper provides background on regulatory capture and legitimation theory, followed by a theoretically informed response to each question in the call for comments on changes in Segment Disclosures for large U.S. companies along with a synopsis of all 34 comments received on this project. This paper illustrates how a transparent process can still have the potential for de facto capture when 1) the regulatory board uses its conceptual framework to narrow the scope of constituents served, 2) professionals find it useful to ignore practical problems inherent in joint cost allocations and boundary definitions, and 3) rationales given for Board decisions focus on expediency for insiders rather than benefits for a broad scope of external parties. Insiders have access to a library of performance quantifications but are asked to provide users with a single view as determined by management. The paper raises the question as to whether the profession’s emphasis on a single standardized GAAP point of view may function as a mechanism to further legitimation rather than public interest ends.