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 issues post-implementation review report on GASB Statement No. 42

  • FAF (old) Image

Aug 20, 2014

The Financial Accounting Foundation (FAF) has issued its post-implementation review (PIR) report on GASB Statement No. 42, “Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries.”

On the basis of feedback from stakeholders, the PIR team concluded that Statement 42 “resolved some of the issues underlying its stated need but may not have completely resolved all of them.” Specifically, the report questions whether two objectives for capital asset impairments have been met. The FAF recommended that the GASB perform limited field-testing when developing new recognition or measurement requirements and suggested that the results of such tests should be provided to users.

For more information, see the press release and PIR report on the FAF’s Web site. In addition, the GASB’s response letter to the FAF is available on the GASB’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.