Financial Reporting


New and existing accounting and financial reporting standards issued by FASB and GASB will be subject to a post-implementation review. The Board of Trustees of the Financial Accounting Foundation (FAF), the oversight body for the two standard setters, announced a review process it described as independent of the standard- setting process of FASB and GASB. FAF Chairman John J. Brennan called it a “mechanism for obtaining ‘real world’ feedback and analysis” of standards.

 

In July, FAF named Mark Schroeder the leader of a newly created post-implementation review effort for standards and other authoritative pronouncements. The review staff will “study significant accounting standards to assess whether the intended financial reporting objectives underlying those standards are being met,” according to a FAF press release. The review staff will report to the trustees and FAF President and CEO Terri Polley, but members will be recruited from the ranks of experienced FASB and GASB staffers to promote collaboration aimed at improving the standard-setting process.

 

The review staff will test the initial review process by selecting one FASB and one GASB standard. The FASB test is expected to be completed by mid-2011. FAF did not detail the timing of the GASB standard review.

 

More from the JofA:

 

 Find us on Facebook      Follow us on Twitter

 

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.