FASAC announces 2006 priorities.

• Author: Heffes, Ellen M.
• Position: Financial Accounting Standards Advisory Council - Brief Article

For the fourth consecutive year, the Financial Accounting Standards Advisory Council (FASAC) of the Financial Accounting Standards Board (FASB) was queried about top priorities for the coming year. The board believes it appropriate to take a fresh look at its agenda each year. Results can indicate what to expect from the FASB in 2006.

This year, the survey asked FASAC members, FASB board members and other interested constituents for their views on: FASB priorities; future financial reporting issues; simplification; the right level of implementation guidance; and differential accounting standards for certain entities.

Some highlights of the 170-page report follow:

* For the fourth consecutive year, revenue recognition topped the list of issues that council members believe the board should address.

* The next four "most popular" issues, in order, are: pension accounting and related issues; conceptual framework; financial performance reporting by business enterprises; and accounting for leases and other contractual obligations.

* Following the top five are several other topics that should receive consideration by the board. These are: fair value, disclosure framework, consolidations, purchase...