When the Financial Accounting Standards Board issues new standards, the required implementation date is usually 12 months or more from the date of issuance, with early implementation encouraged. Richard Keith, accountant at Manchester Corporation, discusses with his financial vice president the need for early implementation of a recently issued standard that would result in a much fairer presentation of the company’s financial condition and earnings. When the financial vice president determines that early implementation of the standard will adversely affect reported net income for the year, he strongly discourages Richard from implementing the standard until it is required.