NEWS RELEASE 10/19/10
FASB Discussion Paper Seeks Input on Effective Dates and Transition
MethodsNorwalk, CT, October 19, 2010—The Financial
Accounting Standards Board (FASB) issued a Discussion Paper today to solicit
input from stakeholders about the time and effort that will be involved in
adapting to several anticipated new accounting and reporting standards and when
those standards should be effective. The FASB requests comments on this
Discussion Paper by January 31, 2011.
“Our joint workplan supporting the
Memorandum of Understanding with the IASB identifies targeted completion dates
for various projects, but does not address when the standards would be
effective,” notes Acting FASB Chairman Leslie F. Seidman. “We issued this
Discussion Paper to gather the information we need to create a realistic,
cost-effective plan for transitioning to the new standards.”
Discussion Paper asks for stakeholder input on a number of issues such as the
amount of time and effort that will be involved in learning about and
transitioning to the new requirements, whether the standards should be adopted
at the same time or sequentially over a number of years, and whether different
effective dates would be appropriate for different classes of entities. The
Board will use the information obtained to develop an implementation plan for
the new standards that helps stakeholders manage both the pace and cost of
The Discussion Paper is available at www.fasb.org.
the Financial Accounting Standards Board
Since 1973, the
Financial Accounting Standards Board has been the designated organization in the
private sector for establishing standards of financial accounting and reporting.
Those standards govern the preparation of financial reports and are officially
recognized as authoritative by the Securities and Exchange Commission and the
American Institute of Certified Public Accountants. Such standards are essential
to the efficient functioning of the economy because investors, creditors,
auditors, and others rely on credible, transparent, and comparable financial
information. For more information about the FASB, visit our website at www.fasb.org.