This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FAF seeks participants for post-implementation review survey of Statement 141R

  • FAF (old) Image

Jul 31, 2012

The Financial Accounting Foundation (FAF) is seeking participants for the post-implementation review (PIR) survey of FASB Statement No. 141(R), "Business Combinations." The FAF will use the information from the PIR survey to evaluate the effectiveness of the standard-setting process of the 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 when only the IASB conducts the PIR; there is no independent reviewing organization.

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 141(R) is available on the FAF's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.