FASB Forges Ahead on Three New Frontiers

At its January 9, 2002 meeting, following a rash of well-publicized complaints about the slowness of the accounting standard-setting process, the Financial Accounting Standards Board (FASB) decided to forge ahead on three new frontiers. It tentatively agreed to:

1. Issue for public comment a prospectus for a major project to update the concepts and principles of revenue recognition.

2. Undertake a narrowly-defined project on disclosures about intangibles not recognized in financial statements.

3. Refine and prioritize a whole smorgasbord of initiatives designed to modernize accounting literature and address the issue of standards overload.

In a grueling session described by FASB Chairman Ed Jenkins as the "first full-day meeting in four and a half years," FASB Board members reviewed detailed proposals and alternatives for potential projects on all three frontiers.

Despite some initial reluctance to approve projects that were not as fully-researched or crisply-articulated as desired, the prevailing sentiment at the end of the day was one of realism and a need to move forward. As one Board member said in casting his vote on the intangibles project, "At this point, something is better than nothing."

Learn more about these projects and other potential initiatives that the FASB Board may be considering.

You may like these other stories...

Credit Suisse says pension assets at risk unless court delays sentencingJohn Letzing of the Wall Street Journal reported on Wednesday that Credit Suisse Group AG says its management of billions of dollars in assets for...
The prospect of International Financial Reporting Standards (IFRS) being fully adopted in the United States in the near future are growing less likely, as the Financial Accounting Standards Board (FASB) and the International...
House proposes $10.5B, eight-month highway billThe House Ways and Means Committee proposed a transportation funding bill on Tuesday that calls for a temporary extension of current transportation funding levels until May 31,...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.