Friday, June 3, 2011
A Very Busy New Year for Standard Setters
Already this year, the FASB and IASB held a joint meeting by videoconference Jan. 5. Next week, they are set to meet Monday through Wednesday in London (Jan. 18 - 20), following up on their pledge to consider standards jointly as the more efficient approach to holding separate meetings.
Let's start by observing that Jan. 18 is a federal holiday in the United States, and continue by noting that the second day of the meeting begins at 8 a.m. London time (3 a.m. EST). BNA reporters are grumbling, but clearly if it is a challenge for us (and it is), it is very likely even more of a challenge for members of the IASB and FASB.
And time zone challenges may be the least of their problems. Coordinating the work of two separate boards--with the IASB weighing in with 14 members--entails a lot of effort. The work of preparing for the meetings, where each day's discussion ranges across several very meaty topics, has got to be heroic.
But, this pace of activity is presumably the only way the two boards could issue joint exposure drafts on consolidations, revenue recognition, leasing, AND financial statement presentation all in the second quarter of this year. And that's leaving aside the financial instrument project, for which FASB plans to issue an exposure draft in the first quarter of 2010.
One can only wish the standards setters well, and urge them to take their vitamins.
----Susan Webster, Managing Editor, Accounting Policy & Practice Report
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