- Next 18 months will see a flurry of activity: "Efforts by the FASB and the IASB to converge their respective frameworks will reach their most active level over the next 12 to 18 months. The results of these efforts could notably change accounting standards worldwide and will significantly influence the determination by the SEC as to whether to incorporate IFRS into the financial reporting system for US issuers. It may not feel like it to the casual observer, but we are entering a critical period in standard setting."
- Agenda timeline eased, but still aggressive: "The FASB and IASB recently issued a joint statement indicating a modification in their strategy to improve accounting standards and ultimately converge IFRS and US GAAP. Part of the new strategy will entail staggering the publication of Exposure Drafts to allow for effective due process. Given the volume and complexity of issues that need to be addressed, debated and agreed upon in the next year and a half the timeline looks daunting."
- FASB actively soliciting investor input: "We believe it is essential that the FASB, IASB, and SEC receive feedback from investors given the importance of the proposed changes. This relates to (1) the avalanche of proposals scheduled to be issued in the next few weeks/months, (2) the plan for transitioning to numerous new standards, and (3) whether the US should adopt IFRS or continue to use US GAAP. Investors should be prepared to express their views on these important issues."
GoldmanSachs Accounting Policy Update 20100614
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