FASB launches new guidance series: FASB Staff Positions

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15 Feb 2003

The FASB has started a new series of application guidance known as FASB Staff Positions (FSP) as a way of improving information flow from its staff.

The FASB staff will circulate a draft of a proposed FSP to Board members for their review. If a majority of Board members do not object to the proposed FSP, it will be posted on the FASB website for comment for a period of 30 days, which will be announced in FASB's newsletter Action Alert. At the end of the exposure period, the FASB staff will draft the final FSP. FSPs are intended to achieve more timely and consistent communication about the application of FASB literature. You can download the first Proposed FSP here ("Accounting for accrued interest receivable related to securitised and sold receivables under Statement 140").

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