Federal Accounting Standards Advisory Board plans for future

Thursday - 1/19/2012, 5:33pm EST

Tom Allen, chairman of the Federal Accounting Standards Advisiory Board

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When is an annual report really a three-year plan? The Federal Accounting Standards Advisory Board is looking further into the future with the release of its three-year plan last week.

Tom Allen, the chairman of the board, said publishing the three-year plan "makes board activities more transparent so that stakeholders have greater opportunities to engage the board. One of the most important decisions we make is where to focus our efforts."

Allen joined In Depth with Francis Rose to discuss the board's agenda for 2012 and beyond.

Allen discussed the biggest changes in the agenda over the next three years as well as how agencies can prepare for these changes.