Financial Accounting Foundation Requests Stakeholders to Participate in PIR Survey

In order to find out how accounting principles and standards are affecting prepares, users, academics, regulators and auditors, the Financial Accounting Foundation is looking for stakeholders interested in participating in post implementation review survey of FASB’s statement 141R.

Stakeholders looking for an opportunity for participating in the surveys can register their names online. On the other hand, stakeholders who are having few questions regarding the post implementation review can get in touch with FAF at 141pir@fasb.org.

Financial Accounting Foundation will provide the PIR results to the Financial Accounting Standards Board and Governmental Accounting Standards Board so that they can make changes to their standard framing processes in future. The board frames accounting guidelines for private as well as public entities and non-profit organizations, whereas GASB frames standards for local and state governments.

International Accounting Standards Board is expecting to initiate its PIR on IFRS 3 towards the end of the year. Both IASB and FASB have developed their own standards in their bid to converge their accounting standards. But it is not yet clear whether FASB and IASB will work with each other on their post implantation review procedures.

As far as statement 141R is concerned it needs an organization to recognize the asset that it is planning to acquire and also assume liabilities. The procedures of post implementation review are not affected by the GASB’s and FASB’s accounting standard framing process. The Financial Accounting Foundation reviews its staff related reports to the president and trustees of FAF. However, members from GASB and FASB are consulted with an intention to encourage a collaborative and coordinated review procedure, which focuses on enhancing the accounting standard framing process.

Financial Accounting Foundation is supposed to oversea the activities of FASB, its finances and administration. Part of its responsibilities also includes looking after the Government Accounting Standards Board and for choosing GASB and FASB members and their Advisory Councils.

On the other hand, FASB responsibilities revolve around establishing accounting as well as reporting standards. The standards framed by them are used for preparing finance related reports. Their standards are also recognized by the SEC and AICPA.