The important role of academic participation and research in the development of accounting standards has long been recognized. Not surprisingly, most U.S. academic participation has been directed at standard setting in the U.S. We suggest that International Financial Reporting Standards (IFRS) development could be enhanced by greater participation from the academic community. The International Accounting Standards Board (IASB) is engaged in an aggressive agenda addressing several critical financial reporting topics, including consolidations, financial instruments, financial statement presentation, insurance, leasing, and revenue recognition. Given the IASB's agenda and the status of the U.S. GAAP/IFRS convergence projects, we believe that “the time is right” for academics, through their research, insights, and perspectives, to make significant contributions to the IASB. We urge academics to participate more actively in the development of IFRS through comment letter writing.

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