FASB responds to SEC on principles-based accounting.

• Position: FASB News - Financial Accounting Standards Board - Brief Article

FASB recently responded to SEC recommendations regarding the adoption of a principles-based accounting system. The response included agreeing to SEC recommendations that FASB should:

* Issue objectives-oriented standards;

* Address deficiencies in the conceptual framework;

* Be the only organization setting authoritative accounting guidance in the United States;

* Continue its convergence efforts;

* Work to redefine the GAAP hierarchy;

* Increase access to authoritative literature; and

* Perform a comprehensive...