<P> The FCAG issued a report in July 2009 finding, among other things, that the FASB and SEC had been pressured by politicians and banks to change accounting standards to protect banks from the impact of their toxic mortgages . Just prior to the report to the G20, and in reference to the political pressure placed on standards setters "to make changes to fair value accounting rules over suggestions that it exacerbated the financial crisis" Haddrill cautioned, "Who do we want to set accounting standards? Not politicians, that's clear . But neither do we want experts vacuum - packed in a world of their own ." </P> <P> On July 1, 2009, the FASB announced the launch of its Accounting Standards Codification, an online research system representing the single source of authoritative nongovernmental U.S. GAAP, available from the FASB in multiple views; Professional view, Academic view, and Basic view . The Codification organizes the pronouncements that constitute U.S. GAAP into a consistent, searchable format . The Codification is not to be confused with the FASB's 1973 Conceptual Framework project . </P> <P> In 2010, the SEC instructed the staff to create and implement a work plan that addresses whether, when and how US GAAP should be merged into a global reporting model developed by International Accounting Standards Board (IASB)--the standards setting body designated by the International Financial Reporting Standards (IFRS). The SEC staff research included including convergence with IFRS and an alternate IFRS endorsement mechanism . </P> <P> In the resulting 2012 report the SEC Staff asserted that the IFRS standards were not sufficiently supported by U.S. capital market participants and lacked consistent implementation methods . The report goes on to say that, while the U.S. financial reporting community does not support IFRS as the authoritative mechanism for US financial reporting, there is support for "high - quality, globally accepted accounting standards" as demonstrated in the joint efforts of the IASB and FASB to develop converged financial reporting for revenue recognition and lease accounting . </P>

State any four (4) steps that lead to the establishment and issuance of an accounting standard