FAF seeks participants for post-implementation review survey of Statement 141R
Jul 31, 2012
The US Financial Accounting Foundation (FAF) is seeking participants for the post-implementation review (PIR) survey of FASB Statement No. 141R 'Business Combinations'. The FAF will use the information from the PIR survey to evaluate the effectiveness of the standard-setting process of the Financial Accounting Standards Board (FASB). The FAF will give the results of the PIR to the FASB for it to consider in its future standard-setting processes.
The PIR process conducted by the FAF is independent of the standard-setting process of the FASB. This differs from the PIR process for IFRSs where only the IASB conducts the PIR; there is no independent reviewing organisation.
The IASB expects to begin its PIR on business combinations (IFRS 3) later this year. The IASB and FASB worked together in developing their business combination standards as part of their convergence efforts. However, it is unclear at this time the extent to which the IASB and the FASB will coordinate their PIR processes.
More information on the FAF post-implementation review of Statement 141R is available on the FAF website.