FASB Fatigued

Fitch Ratings and Accounting Today are reporting that accounting standard setters are experiencing some fatigue. Not surprising considering there have been 12 new accounting pronouncements in 2011. The FASB has been working with the IASB, focusing on issuing new accounting standards that will converge  U.S. standards with the dreaded international standards – IFRS. The credit rating agency stating it believes the emphasis on high quality along with the call for comments on updated proposals has slowed the two standard setting boards down.

According to the agency, “The major priority projects initially scheduled for a June 2011 completion are still at various stages of completion in 2012 and some will likely extend into 2013.” Even the SEC is postponing making a decision on incorporating IFRS.

The article does not get into the status of any determination of who will govern over nonprofit standards but it seems a logical conclusion that decision is also on hold.