March 10, 2020
The Financial Accounting Standards Advisory Council (FASAC) held its regular quarterly meeting on Tuesday, March 10, 2020. The following topics were discussed:
FAF/FASB Post-Implementation Review (PIR): FASAC members provided feedback on a proposal to modify the current FAF Post-Implementation Review (PIR) process.
The approach outlined in the proposal would embed the PIR process within the current standards-setting processes of the FASB and the GASB. Council members that commented agreed that having the PIR function led by the standard-setting Boards and their respective staffs would (a) allow the FASB to continue to focus on making real-time improvements to standards rather than waiting for the PIR process to conclude and (b) make the process more efficient and effective. Some Council members also commented on the independence and oversight of the process.
The FASB chairman provided highlights on FASB activities that were not otherwise on the agenda for the Council meeting, and SEC and PCAOB staff members commented on current issues and activities.
FASAC Meeting Recaps are provided for those interested in following the activities of the FASAC. Official positions of the FASB are reached only after extensive due process & deliberations. More details on the FASAC’s input on the FASB’s projects can be found within the meeting minutes, which will be published on the FASB website in the coming weeks.