In his remarks at the FASB@40 conference, FASB chairman Russell Golden discussed the future of independent standard setting and outlined what he believes should be the board's priorities.

“For the remainder of this year and next, the FASB’s top priority will be to complete our major convergence projects,” he says. This will end a 10-year period of “intense, bilateral standard setting” with the International Accounting Standards Board.

Golden continued: “We hope to release a final standard on revenue recognition in the fourth quarter of this year. We plan to issue final standards on our two financial instruments projects—classification and measurement, and impairment—in 2014. A final standard on leasing also should be completed in 2014, and we will finalize decisions on insurance thereafter.”