NEWS RELEASE 05/12/11

Financial Accounting Foundation to Discuss Next Steps in Post-Implementation Review Process in May 20 Webcast

***Registration opens for webcast, related survey***

Norwalk, CT, May 12, 2011—The Financial Accounting Foundation (FAF), the oversight body for the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), will discuss the next phase of its post-implementation review process for financial accounting and reporting standards in a webcast on May 20.

A pilot test of the post-implementation review process is under way on a FASB standard, assessing whether the standard is meeting its stated objectives. The test will include input from a stakeholder survey. Further details about the pilot test and stakeholder survey will be discussed by representatives of the FAF and FASB during a live, one-hour webcast on Friday, May 20, at 1:00 p.m. EDT.

“The FAF’s post-implementation review process is intended to provide feedback on whether the standards issued by the FASB and GASB result in decision-useful information for investors, citizens, and other stakeholders,” stated FAF President and CEO Teresa S. Polley. “The pilot test will help determine whether the new review process provides the input we need to evaluate the effectiveness of the standard under review and identify potential areas for improvement in the standard-setting process.”

The development of the FAF’s post-implementation review process began in November 2010 and is intended to provide input and analysis on the application, usefulness, and effectiveness of standards set by the Boards. The process is carried out by a review staff that reports to the FAF president and Trustees, and includes experienced former FASB staff members. This structure ensures the continued autonomy of the accounting standard-setting process as well as an independent and objective review process.

The FAF webcast will feature FAF President and CEO Teresa S. Polley, FASB Chairman Leslie F. Seidman, and FAF Post-Implementation Review Leader Mark Schroeder discussing the new process and its goals. Viewers will have the opportunity to submit questions during the live event, which is available free of charge to those who preregister.

As part of the pilot test, the FAF review staff will sponsor a stakeholder survey of the pilot test accounting standard to assess whether the intended financial reporting and cost-benefit objectives underlying that standard are being met. To that end, the FAF has employed an independent research firm to conduct the survey. The FAF review team will seek FASB stakeholders to participate in the pilot and future post-implementation review surveys. Those interested in participating should register online.


About the Financial Accounting Foundation

The Financial Accounting Foundation (FAF) is the independent, private-sector organization responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The FAF is also responsible for selecting the members of the FASB and GASB and protecting the independence and integrity of the standard-setting process. The FAF Board of Trustees executes these responsibilities, in addition to setting the strategic direction and goals of the FAF, the FASB, and the GASB.

The FAF (www.accountingfoundation.org) is based in Norwalk, Connecticut.