The International Accounting Standards Board
(IASB) and US Financial Accounting Standards Board’s (FASB) scaled
back standard-setting timeline is still too ambitious, according to
PricewaterhouseCoopers US (PwC).
The IASB and FASB decided last month to modify
their work plan to allow more time for stakeholders to comment on
draft standards.
The work plan retains completion dates of June
2011 or earlier for the most urgent projects but has delayed
others, such as financial statement presentation, to the second
half of 2011.
PwC believes the pace should be slowed further
to allow for greater stakeholder participation.
“We do not believe the current timeline
proposed by standard setters is sufficient given the number and
complexity of the projects,” the firm said in a public policy
document.
“We do not believe that constituents have the
resource bandwidth within the targeted board timelines to complete
effective, thorough analyses of the accounting, business, and
operational impacts of these numerous complex proposals in order to
provide the right level of meaningful input.
“Preparers are also coping with major
regulatory change and recovering from a severe economic
downturn.”
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