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

May 2011
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Point of view: Finding the right pace for standard setting: Priority project timelines extended — quality cited

At a glance

Issuing high quality accounting standards is paramount. The boards should take whatever time is needed to accomplish this goal.

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.