Facts about FASB
Implementation Issues Resource Groups
The Implementation Issues Resource Groups are also established concurrent with the issuance of certain FASB standards to assist the FASB staff in (1) keeping abreast of issues that are currently being dealt with by preparers and auditors of financial statements related to the issuance of that standard, (2) identifying whether the understanding of that standard is being achieved, and (3) evaluating whether there are different interpretations of that standard that were not intended.
Implementation Issues Resource Group participants include representatives from CPA firms and the preparer community; the two constituent groups expected to have the most exposure to implementation issues. Other participants may include individuals who are expected to have significant experience with specific implementation issues related to a particular FASB standard, as well as individuals from the SEC and PCAOB who participate as observers.
Implementation Issues Resource Group meetings are closed to public observation in order to promote candid discussion of the issues. In addition, minutes of these meetings are not published by the FASB. Positions of the FASB are made only after extensive due process and deliberations, and because the FASB Board is not directly involved with the Implementation Issues Resource Group meetings, the FASB staff believes that the issuance of minutes of these meetings would create confusion regarding the FASB staff's authority.
As a result of discussions at these meetings, the FASB staff determines whether additional steps should be taken by the FASB to address any issues identified at an Implementation Issues Resource Group meeting. Potential additional steps may include proposing that a project be added to the FASB agenda or proposing that an issue be added to the EITF agenda.
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