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

“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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Preparers are also coping with major
regulatory change and recovering from a severe economic


Related articles

FASB and
IASB delay convergence

Convergence delay won’t impact US: Schapiro