During the discussion of the Financial Statement Presentation project at FASB's January 27 board meeting, the subject of whether to have a single effective date for multiple new standards (referred to by some as a 'big bang'effect) vs. staggered effective dates, particularly given the pervasiveness of the changes that would occur under the Financial Statement Presentation project by itself, was raised.
Under the updated Memorandum of Understanding struck between FASB and the International Accounting Standards Board last fall, a host of major convergence projects are to be completed by June, 2011.
The Financial Statement Presentation standard, in particular, will have a pervasive impact on financial statements. (For background, see "How Extreme Is The Makeover" by Marie Leone and Tim Reason, March 1, 2009, published in CFO.com.)
Read what was said at the Jan. 27 FASB board meeting, and related discussion at the Oct. 2009 FASAC meeting, here.