Slowing down the pace of standard setting

June 2010
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Point of view: Slowing down the pace of standard setting

At a glance

While convergence of FASB and IASB standards is an important step toward achieving a single set of high quality global accounting standards, can the 2011 deadline be met given the multitude of convergence projects that go with it?

Highlights:

  • Standard setters are targeting completion of numerous major accounting standards by 2011.
  • Issuing high quality standards is of the utmost importance.
  • Standard setters should reevaluate the current timeline and set more reasonable expectations in order to achieve their desired high quality output.

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