Conceptual framework, revenue recognition top FASAC priority list.(financialREPORTING)(Financial Accounting Standards Advisory Council )

Financial Executive, December, 2006 by Heffes, Ellen M.

For the fifth consecutive year, the conceptual framework and revenue recognition have topped the list of issues that Financial Accounting Standards Advisory Council (FASAC) members believe should be the Financial Accounting Standards Board's (FASB) top priorities.

Other key observations from FASAC's annual survey on FASB priorities provides valuable perspectives and observations about the board's process and direction. The results were reported after asking council members, board members and other interested constituents to provide their views about FASB priorities, future financial reporting issues, international convergence and educational efforts.

Thirty-one current FASAC members, 7 board members and 35 other constituents responded to the survey. It...

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