An SEC advisory committee will recommend that FASB's performance be measured.
The effort by the Financial Accounting Standards Board to cut complexity out of the standard-setting process might be thrust into high gear come August. That's when a Securities and Exchange Commission advisory committee will issue its recommendations for improving the financial-reporting system in the United States, which includes the concept of developing performance metrics to assess FASB's ability to set standards in a timely and effective manner.
The Committee on Improvements to Financial Reporting (CIFR), led by Robert Pozen, met on Friday to work out the wording and concepts contained within its 180-page draft report, which is slated for release next month. In the report, the committee calls for metrics that measure, among other things, whether FASB is efficient and effective at handling cost-benefit analyses, field visits, and field testing, as well as at evaluating public comment.
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