FASAC survey includes international convergence

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18 Aug 2004

The Financial Accounting Standards Advisory Council (FASAC), advisory body to the US FASB, annually conducts a survey of the views of FASAC members and other FASB constituents on what FASB's priorities should be.

The 2004 FASAC survey addresses views on international convergence questions, including:

  • Whether the FASB should, without compelling domestic reasons to do so, necessarily add a project to its agenda because the IASB does.
  • Whether FASB should give higher priority to agenda projects that would lead to international convergence.
  • How FASB should weigh the costs versus the benefits in deciding to add a convergence project to its agenda.
Another group of questions relates to differential accounting standards for certain entities, such as privately held entities or SMEs. Responses are sought by 27 August 2004. Click to Download the Survey (PDF 71k).

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