Case 2-2 During the past several years, the FASB has attempted to strengthen the

Question

Case 2-2

During the past several years, the FASB has attempted to strengthen the theoretical foundation for the development of accounting principles. Two of the most important results of this attempt are the Conceptual Framework Project and the Emerging Issues Task Force. During this same period, the FASB has been criticized for imposing too many standards on the financial reporting process, the so-called standards overload problem.

Required:

a.       Discuss the goals and objectives of

                                            I.      the Conceptual Framework Project

                                          II.      the Emerging Issues Task Force

b.       Discuss the standards overload problem.

Explanation / Answer

1

The FASB is part of a structure that is independent of all other business and professional organizations. That structure includes the Financial Accounting Foundation (Foundation), the FASB, the Financial Accounting Standards Advisory Council (FASAC), the Governmental Accounting Standards Board (GASB), and the Governmental Accounting Standards Advisory Council (GASAC).

Financial Accounting Foundation (FAF)  

The Foundation is the independent, private sector organization that is responsible for the oversight, administration, and finances of the FASB, the GASB, and their advisory councils FASAC and GASAC. The Foundation

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