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FAF announces post-implementation review process

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19 Nov 2010

The Board of Trustees of the Financial Accounting Foundation (FAF), the oversight body of the US Financial Accounting Standards Board (FASB), announced a new process for conducting post-implementation reviews of the financial accounting and reporting standards issued by the FASB.

The new FAF process is designed to be independent of the standard-setting process.

The FAF review staff will study significant accounting standards to assess whether the intended financial reporting objectives underlying those standards are being met. The review staff will report to the Trustees and FAF president. The review staff will test the initial review process by selecting one standard. The test is expected to be completed by midyear 2011. Click for FAF press release (link to FAF website).

According to the Due Process Handbook the IASB's post-implementation review process is currently as follows:

After an IFRS is issued, IASB members and staff hold regular meetings with interested parties, including other standard-setting bodies, to help understand unanticipated issues related to the practical implementation and potential impact of its provisions. The IFRS Foundation also fosters educational activities to ensure consistency in the application of IFRSs. After a suitable time (usually two years), the IASB may consider initiating studies in the light of:

  • its review of the IFRS's application,
  • changes in the financial reporting environment and regulatory requirements, and
  • comments by the IFRS Advisory Council, the IFRS Interpretations Committee, standard-setters and constituents about the quality of the IFRS.

Those studies may result in items being added to the IASB's agenda. Click for an overview of the IASB's standard setting process (link to IASB website).

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