FAF Seeks Participants for Review Survey of FASB Statement No. 131

By AccountingWEB Staff
 
The FAF, the oversight body of the Financial Accounting Standards Board (FASB), is seeking interested stakeholders who would like to be considered to participate in a post-implementation review (PIR) survey of FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information (codified in Accounting Standards Codification Topic 280, Segment Reporting).
 
Talking Points
  • The PIR process provides a unique opportunity for stakeholders to give their frank opinions regarding standards in actual day-to-day use.
  • Comments received from survey participants should improve the ability of the standard-setting process to provide decision-useful information.
  • Stakeholder input is confidential and not made available to the public.
  • Responses are anonymous and reported in the aggregate so that only the survey firm can associate responses with respondents.
Statement No. 131 requires that public companies report financial and descriptive information about their reportable operating segments.
 
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. The survey will help the FAF evaluate the effectiveness of the accounting standard by hearing from users, preparers, auditors, academics, and regulators who are affected by it. 
 
The PIR 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 FASB and the Governmental Accounting Standards Board (GASB). The FASB sets accounting standards for public and private companies and not-for-profit organizations, while the GASB sets standards for state and local governments.
 
The PIR process is designed to be independent of the standard-setting process of the FASB and the GASB. The FAF review staff reports to the trustees and FAF president, but members are drawn from experienced FASB and GASB staff to promote a collaborative review process aimed at improving the standard-setting process. More information on the FAF's PIR process can be found on the FAF website
 
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