In my professional opinion, the current standards (GAAP) should not be revamped, and the federal government should not be involved. This issue stems from the IFRS - GAAP convergence that has been going on and still remains unsettled. The International Financial Reporting Standards are comparable to GAAP in structure and are used in various countries. The convergence has been a big topic in accounting circles in the past few years. The goal is to converge IFRS with GAAP and basically eliminate GAAP. There are many problems with this, and the main problem is that GAAP ...
This solution explains if there is a need for revamping the standard setting process for GAAP, and if the federal government should be involved.