The Financial Accounting Foundation (FAF), FASB’s parent organization, is hosting a webcast May 20 on its post-implementation review effort, which is focused on generating real-world feedback on accounting and financial reporting standards.
A pilot of the post-implementation review process has begun on a FASB standard, the details of which will be announced during the webcast.
The FAF webcast at 1 p.m. EDT will feature FAF President and CEO Teresa Polley, FASB Chairman Leslie Seidman, and Mark Schroeder, who was named in 2010 as the leader of a new post-implementation review effort for standards and other authoritative pronouncements. They will discuss the new process and its goals. Webcast participants can submit questions during the live event, which is available free of charge to those who preregister.
FAF also announced Thursday it has commissioned an independent research firm to conduct a survey of the pilot standard to assess whether “the intended financial reporting and cost-benefit objectives underlying that standard are being met,” according to the FAF press release.
The FAF review team will seek FASB stakeholders to participate in the pilot and future post-implementation review surveys. Anyone interested in participating should register online.
FAF announced last year that accounting and financial reporting standards issued by FASB and GASB would be subject to post-implementation review. FAF Chairman John Brennan called it a “mechanism for obtaining ‘real world’ feedback and analysis” of standards.
The review will be carried out by a staff that reports to Polley and the FAF trustees, and will include 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,” according to FAF’s press release.
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