In an unheralded but potentially earthshaking move, the Financial Accounting Standards Board voted last spring to reconsider its conceptual framework, which was mostly completed in the 1970s and 1980s. In addition, the board plans to work closely with the International Accounting Standards Board to accomplish convergence with that institution's own framework.
The board will revisit the concepts statements, looking for holes left behind in an earlier era, when business was far less complex and the board was not as experienced. Frankly, some holes were constructed on purpose to avoid divisive issues that were protracting the debates far too long.
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