NEWS RELEASE 07/30/12
FAF Seeks Survey Participants for Post-Implementation Review of FASB
Statement No. 141R
Norwalk, CT, July 30, 2012—The Financial
Accounting Foundation (FAF), the oversight body of the Financial Accounting
Standards Board (FASB), is seeking interested stakeholders who would like to be
considered to participate in a post-implementation review (PIR) survey of FASB
Statement No. 141R, Business Combinations. The survey will help the
FAF evaluate the effectiveness of the accounting standard by hearing from users,
preparers, auditors, academics, and regulators that are affected by it.
Stakeholders who would like to be considered to participate in PIR surveys
conducted by an independent survey firm on behalf of the FAF should register
online. Stakeholders that have specific questions on the PIR of
FASB Statement No. 141R, Business Combinations can contact the FAF at 141pir@faf-fasb.org.
The PIR process is intended to assist the FAF’s Board of Trustees with
its ongoing efforts to evaluate the effectiveness of the standard-setting
process for both the FASB and the Governmental Accounting Standards Board
(GASB). The FASB sets accounting standards for public and private companies and
not-for-profit organizations, while the GASB sets standards for state and local
governments.
Statement 141R requires an acquiring organization to
recognize the assets acquired, the liabilities assumed, and any non-controlling
interest in the acquired organization to be measured at their acquisition date
fair values.
The PIR process is designed to be independent of the
standard-setting process of the FASB and the GASB. The FAF review staff reports
to the Trustees and FAF president, but members are drawn from experienced FASB
and GASB staff to promote a collaborative review process aimed at improving the
standard-setting process. More information on the FAF’s PIR process can be found
on the FAF
website.
About the Financial Accounting
Foundation
The FAF is 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 Foundation is also responsible for
selecting the members of both Boards and their respective Advisory Councils.
About the Financial Accounting Standards Board
Since
1973, the Financial Accounting Standards Board has been the designated
organization in the private sector for establishing standards of financial
accounting and reporting. Those standards govern the preparation of financial
reports and are officially recognized as authoritative by the Securities and
Exchange Commission and the American Institute of Certified Public Accountants.
Such standards are essential to the efficient functioning of the economy because
investors, creditors, auditors, and others rely on credible, transparent, and
comparable financial information. For more information about the FASB, visit our
website at www.fasb.org.