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.