FASAC announces 2006 priorities.(Financial Accounting Standards Advisory Council)(Brief Article)

Financial Executive, December, 2005 by Heffes, Ellen M.

For the fourth consecutive year, the Financial Accounting Standards Advisory Council (FASAC) of the Financial Accounting Standards Board (FASB) was queried about top priorities for the coming year. The board believes it appropriate to take a fresh look at its agenda each year. Results can indicate what to expect from the FASB in 2006.

This year, the survey asked FASAC members, FASB board members and other interested constituents for their views on: FASB priorities; future financial reporting issues; simplification; the right level of implementation guidance; and differential accounting standards for certain entities.

Some highlights of the 170-page report follow:

* For the fourth consecutive year, revenue recognition topped the list of issues...

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