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

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.