Annual Conference of FASB (Financial Accounting Standards Board)
The annual conference of FASB (Financial Accounting Standards Board) was continued four June 2012. Leslie F. Seidman, who could be a chair person of FASB, has given a speech by discussing on framework project disclosure and in response of calls towards FASB that were specifically organized to broaden the summarization of costs and benefits in setting the standards and their economical and money effects.
Next week the FASB goes to be announced a discussion document of its structural project. Ms Siedman discussed that different aspects that comes under the influence of US GAAP are originally regulates and are affiliated by IFRS. IFRS is majorly impact on its all terminologies and it can’t even been applied without the active participation and consent of IFRS. FASB basically works mutually on their important projects and structural frameworks in affiliation of EFRAG (European Financial Reporting Advisory Group). They both intentionally bound a disclosure structure by working on different methodologies that are applied in USA and international GAAP.
According to Ms. Siedman, many persons are basically willing to adopt this newly introduced disclosure framework. But the main theme and objective of this disclosure framework is not to be adopted by few people or groups at once, but, to enhance and develop the impacts and effects of its efficiency upon people and their economical and financial terminologies. So it must e noted that all the upcoming disclosure framework project should be affiliated with IFRS as they are affiliated in past and delete the old trends or modify them and try to introduce new according to time demand.
Basically the newly introduced FASB disclosure framework project should have following advantages and it must have:
· First of all the users benefits are most important than any other preferences. FASB must have to establish such disclosure framework projects that intentionally designed for consume benefits and to enhance their chance of profit and overcoming their risks and losses.
· Each disclosure should be designed according to demand of users and new and modern era of accountancy that not only benefit the organizations but also the people. And should be modifying when required.
· FASB should have to tend the method that explore and broad the informative stuff about new accounting terminologies that can help users to easily access them.