The Financial Accounting Standards Advisory Council (FASAC) has just released its 2008 Annual Survey on the Priorities of the FASB, the fifth in the series that started in 2004.  The survey solicits views on: the FASB’s role in the future of financial accounting and reporting; its current agenda priorities; and past and future financial reporting issues. 

Notably, respondents can provide feedback on the SEC’s recent rule permitting foreign issuers to file their financial statements according to IASB standards (IFRSs) without reconciliation to U.S. GAAP.  The survey posits three possible options: 1) “Mutual recognition” for foreign issuers only; 2) a two-GAAP system for U.S. issuers; or 3) a single set of high-quality international accounting standards for all U.S. public companies.  The FASB supports option three—moving U.S. issuers to an improved version of IFRSs—because it would “enhance comparability and reduce analytical complexity” for investors, and would be consistent with the continuing globalization of capital markets, bringing the U.S. in line with most others (Europe, Australia, China, Russia, Japan, Korea, India, Canada, etc.).

Related survey questions solicit opinions re: the best authority for guidance on global accounting standards; and whether there should be a gradual (“piecemeal”) or abrupt (“big bang) adoption of IFRSs.  Remaining items ask respondents to rank the top five priorities on the FASB’s current agenda, whether any projects should be abridged or removed; and what specific industry or economic trends might give rise to future financial reporting issues.  The Board requests responses by March 3, 2008, preferably online.  For more information, click here.