Friday, August 04, 2006

Your Opinion Requested

The Advisory Council of the Financial Accounting Standards Board (FASB) posted its Annual Survey on financial accounting standards. The Council uses the survey results to help direct the priorities of the Board and its staff resources over the next year. Responses are due by August 31, 2006.

Survey respondents are asked to list the top five priorities FASB should address. There is also room in the survey to list financial reporting issues that should be investigated by the FASB staff.

The Council also wants to hear views on the “notion of international convergence” in accounting standards. FASB and the International Accounting Standards Board (IASB) are already working together and have a memorandum of understanding between the two groups. So now would be the time to voice your objection!

FASB survey is aimed at financial professionals - accountants and analysts - but that is not to say that others cannot participate. Granted the survey is not so “friendly” to the lay person as there is no list of possible answer from which to select - all sections must be filled in “from scratch.” Furthermore, participation requires a download of the survey and then faxing or e-mailing the responses. However, for those with strong views or just an axe to grind, they survey is a way to get heard.

Of course, what the guys and gals in green visors are really looking for is some guidance on what needs fixing in the accounting standards. The survey includes a table listing FASB’s current projects. This workload resulted in part from
previous surveys.

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