FASB, IASB Want Input on New Rules

The Financial Accounting Standards Board and the International Accounting Standards Board want input from companies and investors about the best way to roll out new accounting standards.

• FASB and the IASB have created an online survey asking for opinions on how to time the new rules' effective dates, Compliance Week reported Wednesday. Essentially, the groups want to know if it's better to put the changes for leases, revenue recognition, financial instruments, and insurance contracts into effect in one fell swoop, or gradually.
• They also want to know whether to enforce the new rules retrospectively.
• The deadline for the survey, which the groups say should take no more than 10 minutes to complete, is May 6.

See Also:
FASB, IASB to Miss FNRS Convergence Target