The Financial Accounting Standards Board (FASB) is soliciting constituent views on the FASB’s current priorities, future financial reporting issues, international convergence and educational efforts. The survey provides valuable perspectives and observations on the Board’s process and direction.
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The Board believes it is appropriate to take a fresh look at its agenda each year. Details on items currently on the Board’s agenda, which may be helpful as a reference tool, can be found in the Board’s July 2006 technical plan at www.fasb.org/project/index.shtml. If the technical plan is referenced, respondents are asked to consider both major projects, as well as technical application and implementation projects in formulating responses.
Key observations and conclusions from the responses to the 2005 survey included:
- Revenue recognition topped the list of issues Council members believe should be the Board’s priority for the fourth consecutive year.
- FASAC members believe that fair value issues, lease accounting, and stock compensation arrangements will require the Board’s attention in the future.
- FASAC members had many suggestions for the Board on how to address simplification, including field testing proposed on including field testing proposed standards more aggressively, giving additional weight to cost-benefit considerations, and using more examples to illustrate concepts.
- FASAC member generally believe that the Boards’ methods to issue implementation guidance are adequate. However, responses varied on the issue of whether the Board does not provide enough guidance, while others believe the Board provides the right amount. Still others believe the amount of guidance is excessive.
- Nearly all FASAC respondents believe that a separate set of accounting standards for private companies is not warranted. Most agreed that the Board should continue to address the issue on a case-by-case basis and provide modifications to disclosures or to effective dates of standards when appropriate.
Responses to the 2006 survey are requested to be submitted no later than Thursday, August 31, 2006. Completed surveys can be emailed to email@example.com or mailed to Terri Polley, Executive Director, FASB Advisory Groups, Financial Accounting Standards Advisory Council, 401 Merritt 7, Box 5116, Norwalk, CT 06856-5116.