Date of Award
Mr. James C. Rothwell
Dr. James Philpot
Dr. Hal Bass
The Financial Accounting Standards Board (FASB) was established in 1973 in response to an increased demand in organized accounting standards set by an independent full-time board. In response, the FASB emerged with the following mission:
The mission of the Financial Accounting Standards , Board (FASB) is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information (FASB Facts 2002).
The timeliness of the FASB has been under great scrutiny since the recent accounting scandals in 2002. The Sarbanes-Oxley Act of 2002 further increased the scrutiny of the FASB by bringing up the hotly debated topic of the FASB being a rules-based board rather than a principles based board, with the determination that it needed to become more principles based. This conclusion would further reduce the time spent on each individual FASB Pronouncement, thus reducing the time spent on the Due Process. This research presented here examines the Due Process, internal and external factors effecting the Due Process, as well as improvements that may be made in order to increase process efficiency.
Hamby, Alison, "A Clock, A Stopwatch, and A Looking Glass. The Timeliness of the FASB's Due Process: Is It Really Meeting Our Needs?" (2004). Honors Theses. 85.