Finding the right pace for standard setting: Priority project timelines extended — quality cited
Point of view
- 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.