This year should be one of expansion and progress at the Financial Accounting Standards Board. Though the profession will not see the issuance of many final standards, the year's projects should lead up to a productive 2008.Accountants will be keeping their eyes on several crucial projects - but the most fundamentally important may be that of the Conceptual Framework. This project will set the underlying philosophy of accountancy, the basic concepts on which generally accepted accounting standards are built.
As 2006 came to a close, the board was still receiving comments on a preliminary views document on the objectives and qualitative characteristics of financial statements. In fall 2007, the board should issue an exposure draft, the comments on which may well set the direction of accounting standards well into the 21st Century. As the board redeliberates that issue, it will be piecing together a preliminary views document on the elements of financial statements and their recognition, defining such basic concepts as assets and liabilities.
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