The FAF Board of Trustees voted on 14 December to expose for comment a series of recommendations focusing on the FAF’s oversight role, operations and governance, the FASB’s structure and operations, and the GASB’s funding and operations. These recommendations are designed to better position the FAF and the standard-setting Boards to become even more effective and efficient in a changing environment.
Recent commitments by many countries to use IFRS have opened a broad-ranging debate on issues related to accounting standards convergence and globalization. At its core, this debate must include a realistic assessment of how IFRS will work in actual application across the world and what contributions can be made by the FAF and FASB to the quality and consistency of those standards.
The outcome of this debate will affect the future role, structure, and influence of the FAF and FASB on the global standard-setting process.
Deadline for comments is 10 February 2008
Proposed Changes to Oversight, Structure, and Operations of the FAF, FASB, and GASB
© Graham Bishop
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