Accounting Standard Setting at a Crossroads.

Key Points

• The aim is to assess the Financial Accounting Standards Board's (FASB) effectiveness and structure in standard setting.
• Opinion based commentary on FASB's history and structure.
• Discussion of criticisms directed at the earlier Accounting Principles Board (APB).
• Analysis of FASB's focus in response to those criticisms.
• FASB was established to improve accounting standards.
• The assessment highlights FASB's ongoing challenges and structure.
• A critical view on how well FASB addresses previous criticisms.