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Softrax

AFS Financial Solutions Inc.

Revenue Recognition Tops List of FASB Priorities

- Source: FASB, RevenueRecognition.com

FASAC's annual survey on the priorities of the FASB provides valuable perspectives and observations about the Board's process and direction. The 2005 survey asked Council members, Board members, and other interested constituents to provide their views about the FASB's priorities, future financial reporting issues, simplification, the right level of implementation guidance, and differential accounting standards for certain entities.

Key observations and conclusions from the responses to the 2005 survey are:

Twenty-seven current Council members, 7 Board members, and 20 other constituents (including several members of the Small Business Advisory Committee and the User Advisory Council) responded to the survey.

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