The organization that oversees FASB and GASB is continuing an effort to strengthen oversight by offering a convenient way for those impacted by the boards' standards to share concerns about due process.
The Financial Accounting Foundation (FAF) has created an online form for questioning whether the due process procedures spelled out in FAF's bylaws are being properly implemented in the standard-setting process.
"Soliciting stakeholder perspectives has always been a vital part of our governance model, just as it is to FASB's and GASB's standard-setting processes," FAF trustee David Lillard, co-chair of FAF's Oversight Committee, said in a news release. "We want stakeholders to know they can communicate directly with the Oversight Committee if they have important concerns to share about how faithfully FASB and GASB members are following their due process."
Earlier this year, FAF announced that it would begin livestreaming portions of Oversight Committee meetings to "enhance confidence in the oversight of the FASB and GASB," in the words of FAF trustee Timothy Ryan, CPA, co-chair of the Oversight Committee. FAF also recently unveiled enhanced online access to FASB and GASB standards.
FAF's latest strategic plan, released in late 2022, seeks in part to "make the standard-setting process more effective and productive."
— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.
