The risk assessment standards, FIN 48, valuation standards, convergence, the rewriting and codification of auditing and accounting standards, ethics interpretations, and other changes impacting the accounting and auditing regulatory landscape are being driven by a number of factors. But when push comes to shove on implementation, the burden squarely falls on the companies that these rules apply to, and on CPA firms’ A&A practice group and A&A practitioners.

As I write this, it is reported that the FASB refused to delay implementation of FIN 48. The indication was, this type of disclosure was needed now despite the expressions of difficulty. Although there had been some success in delaying implementation of certain aspects of Sarbanes-Oxley, it is becoming increasing apparent that there will be very limited future success in delaying or even staggering a standard’s effective dates (based on the type of entity) because of the difficulty or expense of implementation.

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