Frustrations of a standards setter

When setting accounting standards, the Financial Accounting Standards Board (FASB) strives to: 1. make sure it is working on the right issues, 2. weigh input from its constituents, and 3. endeavor to reach answers that are as relevant and practical as possible. However, the process of arriving at these standards can be a frustrating one. The FASB must often practice the art of compromise, which, more often than not, makes everyone angry. The FASB cannot possibly please all interested parties because its interests are simply too diverse. The answer that might please the largest number who choose to write on a particular project will not always be consistent with the FASB's mission. Unfortunate as it may seem, part of the FASB's activity must be used to instill discipline in financial reporting.