Less than three years ago, the Financial Accounting Standards Board was planning to issue a huge number of new accounting standards. At the same time, U.S. accountants and policy makers were considering how we would continue the move toward International Financial Reporting Standards. There was great momentum toward getting a lot done. To say the scope and pace of change was big and fast is an understatement.
But that was then. The state of accounting standard setting in the United States is far different now than it was just three short years ago.
