Last month's public statement by the Financial Accounting Standards Board announcing plans to streamline the accounting rulemaking process is consistent with previous discussions between the FASB and the AICPA regarding accounting standards. In cooperation with the FASB and to help achieve the mutual goal of creating principles-based U.S. accounting standards, the AICPA has agreed to focus on industry-specific accounting and auditing guidance and to stop issuing general purpose accounting statements of position.
The decision was also discussed at the recent fall meeting of Council. The two organizations will work together on a transition.
The AICPA strongly supports an independent FASB that will serve all constituents of financial reporting. The AICPA and its Accounting Standards Executive Committee will remain vital co contributors to better financial reporting, thereby ensuring that AcSEC and related task forces continue to attract volunteers who are the best of the profession and hold serving the public interest in the highest regard.