Characteristics of high quality accounting standards

In considering the characteristics of high quality accounting standards, the natural tendency would be to focus solely on determining the appropriate characteristics of the content of accounting standards. The IMA believes that developing high quality accounting standards is as much a function of having the right process as it is having the right content. The characteristics of high quality standards establish the vision or the ultimate goal of standard setting, and the research methods that support the process enable the Board to realize the vision and attain the goal. Even if the FASB were to develop the ideal characteristics of high quality accounting standards, its ability to deliver on that commitment would be significantly handicapped by a weak or ineffective process.