Finding the right pace for standard setting: Priority project timelines extended — quality cited

Point of view 05/12/2011 by Assurance services

Highlights

  • The FASB and IASB recently reset their target for completion of their priority projects — revenue, leasing, and financial instruments — from June to December 2011.
  • The boards emphasized that they are focused on taking the time necessary to develop high quality standards.
  • The boards have substantially stepped-up their outreach efforts and significant changes have been made to prior proposals.
  • We agree that issuing high quality accounting standards is paramount. The boards should take whatever time is needed to accomplish this goal.