Financial Services Industry
Industry: Email Alert RSS FeedThe FASB - suggestions to improve the process. (Financial Accounting Standards Board)
Financial Executive, January, 1991 by Barth, Mary E.; Smith, Stanton E., Jr.
The California Society of Certified Public Accountants' Accounting Principles and Auditing Standards Committee believes that the Financial Accounting Standards Board (FASB) should improve its standard-setting process. The FASB's problems include the tendency to modify pronouncements, the preparation of overly detailed instructions for implementing statements, and the development of inconsistent standards. The Committee's recommendations include requiring the FASB to conduct thorough testing before issuing standards, reducing public scrutiny of the FASB, providing disclosure relief for small businesses and private firms, and requiring the FASB to consider the effects of international accounting standards.
The FASB has devoted too much of its resources to the details of...
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