Magazine article The CPA Journal

FASB Gets Nods of Approval at 25th Anniversary

Magazine article The CPA Journal

FASB Gets Nods of Approval at 25th Anniversary

Article excerpt

At a recent conference, The Financial Accounting Stanards Board: An Appraisal at the Quarter Century Mark, representatives from academia, government, and the business community spent two days exploring FASB's creation, accomplishments, and challenges ahead. While speakers expressed various views on FASB's handling of the many technical issues it has addressed over the last 25 years, there was a general consensus that that the board has done a good job. As one speaker stated, "Even when we point out the faults, we all acknowledge we are criticizing the best standards-setting system in the world."

Sponsored by New York University's School of Law and the University's Vincent C. Ross Institute of Accounting Research, the conference was academic in nature, with in-depth, two-hour panel discussions on the Creation of the Board: Problems and Expectations; Independence: Relations with Regulators, Preparers, and Users; Current Issues; Prospects for Global Harmonization; and two separate sessions on the board's accomplishments. FASB Chairman Edmund Jenkins, while not formally part of the program, spoke about the board's business reporting project which he hopes will provide a "conceptual framework" on how to strengthen the standards-setting process and better meet users' needs. …

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