The Financial Accounting Foundation (FAF)
plans to conduct post-implementation reviews on accounting
standards issued by the Financial Accounting Standards Board (FASB)
and the Governmental Accounting Standards Board (GASB).

The review aims to assist the FAF’s Board of
Trustees with their ongoing efforts to evaluate the effectiveness
of the standard-setting process for both the FASB and the GASB.

The standards selected for review cover
governing financial reporting for business combinations, operating
segments and government deposit and investment disclosures:

·       
FASB Statement No. 141R, Business Combinations (FAS 141R)
– requires an acquiring organisation to recognise the assets
acquired, the liabilities assumed, and any non-controlling interest
in the acquired organisation at the acquisition date, measured at
their fair values as of that date, with limited exceptions;

·       
FASB Statement No. 131, Disclosures about Segments of an
Enterprise and Related Information (FAS 131) – requires that
public companies report financial and descriptive information about
their reportable operating segments; and

·       
GASB Statements No. 3, Deposits with Financial Institutions,
Investments (including Repurchase Agreements), and Reverse
Repurchase Agreements; and No. 40, Deposit and Investment
Risk Disclosures – require note disclosures about deposits and
investments, including related credit risks. In addition, Statement
3 also provides accounting guidance for repurchase and reverse
repurchase agreements.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The FAF is coordinating with the International
Accounting Standards Board on its reviews of IFRS 8 (Operating
Segments) and IFRS 3 (Business Combinations). 

FAF chairman John Brennan said the review aims
to assess “whether the intended financial reporting objectives
underlying these standards are being met, while also obtaining
stakeholder feedback on the application, usefulness, and
effectiveness of these standards set by our Boards”.