The Financial Accounting Foundation (FAF), the oversight body of the Governmental Accounting Standards Board (GASB), is seeking interested stakeholders who would like to be considered to participate in a post-implementation review (PIR) survey of GASB Statement No. 3, Deposits with Financial Institutions, Investments (Including Repurchase Agreements), and Reverse Repurchase Agreements, and GASB Statement No. 40, Deposit and Investment Risk Disclosures. Both statements require disclosures about deposits and investments, including related credit and interest rate risks. GASB Statement No. 3 also provides accounting guidance for repurchase and reverse repurchase agreements.
The survey, slated for September issuance, will help the FAF evaluate the effectiveness of the accounting standards by hearing from users, preparers, auditors, academics, and regulators that are affected by it.
Stakeholders who would like to be considered to participate in PIR surveys conducted by an independent survey firm on behalf of the FAF should register online. Stakeholders that have specific questions on the PIR of GASB Statements No. 3 and No. 40 can e-mail the FAF at [email protected].
The post-implementation review process is intended to assist the FAF's Board of Trustees with its ongoing efforts to evaluate the effectiveness of the standard-setting process for both the GASB and the Financial Accounting Standards Board (FASB). The GASB sets standards for state and local governments, while the FASB sets accounting standards for public and private companies and not-for-profit organizations.
The PIR process is designed to be independent of the standard-setting process of the GASB and the FASB. The FAF review staff reports to the trustees and FAF president, but members are drawn from experienced GASB and FASB staff to promote a collaborative review process aimed at improving the standard-setting process. More information on the FAF's post-implementation review process can be found on the FAF website.
Source: Financial Accounting Foundation