Current Post-Implementation Review Projects

Standards Currently Under Review

Below are FASB and GASB standards currently under review by the FAF’s Post-Implementation Review team:

GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, and related GASB Statement No. 36, Recipient Reporting for Certain Shared Nonexchange Revenues
Statement 33 establishes accounting and financial reporting standards to guide state and local governments’ decisions about when to report the results of nonexchange transactions involving cash and other financial and capital resources. Statement 36 amends Statement 33 by providing symmetrical accounting treatment for certain shared revenue.

Update and Next Steps: the FAF PIR team began their initial research including talking with a variety of stakeholders (resource group members) in March 2015. The PIR team will consider whether additional procedures are needed after completing that outreach.

FASB Statement 128, Earnings per Share
Statement 128 establishes standards for computing and presenting earnings per share (EPS) and applies to entities with publicly held common stock or potential common stock. It simplifies the standards for computing earnings per share found in APB Opinion No. 15, Earnings per Share and makes them comparable to the provisions in International Accounting Standard 33, Earnings per Share.

Update and Next Steps: the FAF PIR team began their initial research in May 2015.