The Financial Accounting Foundation’s Board of
Trustees has set up a process for conducting post-implementation
reviews of financial accounting and reporting standards issued by
the Financial Accounting Standards Board (FASB) and the
Governmental Accounting Standards Board (GASB).

The process— of which the development,
implementation and management will be lead by Mark Schroeder,
involves review staff studying significant accounting standards of
the FASB and GASB to assess whether the intended financial
reporting objectives are being met.

An initial test of the process will be made by
selecting one standard from each board and is expected to be
completed by mid-2011. The staff will be drawn from two boards and
report to the trustees and FAF president.

FAF chairman John Brennan said the process
will aid the trustees in obtaining ‘real world’ feedback and
analysis on the application, usefulness and effectiveness of
standards set by the boards.

The FAF is an oversight body of the FASB and
the GASB.