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FEI letter to FASB and IASB

  • FEI (Financial Executives International) (lt green) Image

23 May 2010

The Committee on Corporate Reporting (CCR) of Financial Executives International (FEI) has written to both the IASB and the US FASB "to express our significant concern that springs from the unprecedented volume as well as the complexity of proposed standards expected to be issued in the coming months.

We urge the Boards to consider the adverse effect that is likely to have on the effectiveness of the Boards' due process procedures." The letter said:

Our member companies are extremely concerned with the 10+ Exposure Drafts (EDs) that are in final stages and will be released for public comment through the third quarter of 2010. During any single period in time in its 38-year history, the FASB has had no more than 3 or 4 significant EDs out for public comment. Moreover, it would be reasonable to characterize a majority of the historical exposure documents as evolutionary proposals rather than the more fundamental changes in accounting and reporting paradigms as are proposed in the forthcoming EDs. In addition, there are numerous interdependencies among the standards that further complicate the analysis.

Click for FEI CCR Letter to FASB and IASB (PDF 239k).

 

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