FASAC priorities for coming year.

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

In October 2004, the Financial Accounting Standards Advisory Council (FASAC) was queried on it priorities. The results of this annual survey are said to offer "valuable perspectives and observations about the board's process and direction," and, as such, offer some good clues of what to expect in 2005.

Some key observations and conclusions from the response to the 2004 survey include:

* For the third consecutive year, revenue recognition topped the list of issues that Council members believe should be the board's priority. Other topics that appeared most often in Council members' responses are: financial performance reporting by business enterprises; fair value measurement/fair value; codification and simplification; international convergence/short-term convergence.

* FASAC members believe that revenue recognition, fair value and financial performance reporting will occupy the board's attention well into the future. Other future financial reporting issues may arise in the areas of accounting for employee benefits and off-balance-sheet transactions.

* FASAC members generally would not automatically...