Financial Accounting Foundation Discusses Post-Implementation Review Process and Objectives

Published on: 25 May 2011

During a recent Financial Accounting Foundation (FAF) webcast (archived until August 19, 2011), FAF President and CEO Teresa Polley, along with FASB Chairman Leslie Seidman and FAF Post-Implementation Review Leader Mark Schroeder, discussed the objectives and process that will be followed by the FAF’s post-implementation review (PIR) team. The PIR process is designed to obtain feedback about whether accounting standards issued by the FASB and GASB achieve their objective of providing decision-useful information to financial statement users.

The PIR team will review significant standards that meet certain criteria and will:

  • Gather feedback about the standard-setting process.
  • Answer the following questions in reviewing each standard:
  • Does the standard achieve its intended objectives?
  • Is the cost-benefit result appropriate?
  • Did the standard have unintended consequences?
  • Be independent of the FASB and GASB.

The PIR team has chosen Interpretation 481 (codified in ASC 740-102) as its pilot case, and plans to issue a summary of its review findings near the end of summer. Constituents interested in participating in post-implementation review surveys for the pilot or future reviews can register with the FAF.

Additional information is available in the FAF’s press release announcing the webcast.


[1] FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes.

[2] FASB Accounting Standards Codification Subtopic 740-10, Income Taxes: Overall.

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