Phase A of the joint FASB and IASB conceptual framework project includes a discussion of the constraint cost effectiveness. Assume that the FASB is considering revising an important accounting standard.

Required:
1. What is the desired benefit from revising an accounting standard?
2. What are some of the possible costs that could result from a revision of an accounting standard?
3. What does the FASB do in order to assess possible benefits and costs of a proposed revision of an accounting standard?