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Will we get an IFRS standard to enable us to recognise regulatory assets and liabilities? But first, let’s look at the history of this topic. Your feedback is important We love it when you tell us we are doing well! But we are continually learning from you about what we can do more and what we can do better. Our mission is to develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world.

Session expired, please refresh your browser. An error has occurred, please try again later. In 2009 Reuters, the Wall Street Journal, USA Today and others claimed that the FASB succumbed to “political pressure” and lobbyists and tweaked mark-to-market accounting to accommodate “banks with toxic assets on their books. Since 2009 the FASB added the disclosure framework project to its conceptual framework in order to make financial statement disclosures “more effective and coordinated and less redundant.

The FASB’s mission is “to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports. The FASB accomplishes its mission “through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees. The FASB is not a governmental body. The SEC has legal authority to establish financial accounting and reporting standards for publicly held companies under the Securities Exchange Act of 1934. The FASB is part of a structure that is independent of all other business and professional organizations.

In addition to the full-time members, there are approximately 68 staff members. These staff are, “professionals drawn from public accounting, industry, academe, and government, plus support personnel. FASB and the Governmental Accounting Standards Board and funds both organizations. In 1973 the FASB began their Conceptual Framework project to develop a sound theoretical basis for the development of accounting standards in the United States. This group was formed in order to provide timely responses to financial issues as they emerged. Memorandum of Understanding on a convergence project.