Completed Post-Implementation Review Projects
Completed ReviewsBelow are FASB and GASB standards that were successfully reviewed by the FAF’s Post-Implementation Review team:
FASB Statement No. 157, Fair Value Measurements
Statement 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.
- FASB Response Letter to PIR Report on FAS 157 (March 2014)
- FASB Statement 157 PIR Report Press Release (February 2014)
- FASB Statement 157 PIR Report (February 2014)
FASB Statement No. 109, Accounting for Income Taxes
Statement 109 establishes financial accounting and reporting standards for the effects of income taxes that result from an organization’s activities during the current and preceding years.
- FASB Response Letter to FAF PIR Statement 109 (December 2013)
- FASB Response to FAF PIR Statement 109 Press Release (December 2013)
- FASB Statement 109 PIR Report (November 2013)
- FASB Statement 109 PIR Press Release (November 2013)
- FAF to Conduct Post-Implementation Review of FASB Standard on Accounting for Income Taxes—News Release (February 2013)
GASB Statements 10 and 30 establish accounting and financial reporting standards for risk financing and insurance-related activities of state and local governments, including public risk pools.
- GASB Responds to Post-Implementation Review of Statements 10 and 30 (September 2013)
- GASB Statements 10 and 30 PIR Report (August 2013)
- GASB Statements 10 and 30 PIR Press Release (August 2013)
- News Release seeking survey participants for PIR of GASB Statements No. 10 and No. 30 (February 2013)
FASB Statement No. 141(R), Business Combinations
Statement 141R requires an acquiring organization to recognize the assets acquired, the liabilities assumed, and any non-controlling interest in the acquired organization to be measured at their acquisition date fair values.
- FASB Response to FAF PIR Report on FAS 141R—Media Advisory (May 2013)
- FASB Response to FAF PIR Report on FAS 141R (May 2013)
- FAS 141(R) PIR Report (May 2013)
- FAS 141(R) PIR Press Release (May 2013)
- News Release seeking survey participants for PIR of FASB Statement No. 141R (July 2012)
Both Statements require disclosures about deposits and investments, including related credit and interest rate risks. GASB Statement 3 also provides accounting guidance for repurchase and reverse repurchase agreements.
- GASB Responds to Financial Accounting Foundation’s Post-Implementation Review of Deposit and Investment Risk Disclosure Standards—News Release (April 2013)
- GASB Response to FAF PIR Report on GASB Statements 3 and 40 (April 2013)
- GASB Statements 3 and 40 PIR Report (February 2013)
- GASB Statements 3 and 40 PIR Press Release (February 2013)
- Media Advisory reminder seeking survey participants for PIR of GASB Statements No. 3 and No. 40 (August 20, 2012)
- News Release seeking survey participants for PIR of GASB Statements No. 3 and No. 40 (March 2012)
FASB Statement 131 on Segment Reporting The FASB issued Statement 131 in 1997 to improve the way public companies report financial information about their business segments in annual and interim financial statements. It also establishes standards for related disclosures about products and services, geographic areas, and major customers.
- After performing extensive research, the FASB agreed with the conclusions reached by the FAF PIR team that Statement 131 is effective and achieving its expected benefits. Therefore, the FASB decided no further standard-setting action was needed at this time. See related FASB agenda prioritization decision (operating segments) (January 2014)
- FASB Response to FAF PIR Report on FAS 131—News Release (March 2013)
- FASB Response to FAF PIR Report on FAS 131 (March 2013)
- FAS 131 PIR Report (January 2013)
- FAS 131 PIR Press Release (December 2012)
FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48)
The FASB issued FIN 48 in June 2006 to reduce diversity in practice in recognizing, measuring, and reporting uncertainties relating to income tax positions.
- FASB Response to FAF PIR Report on FIN 48—News Release (March 2012)
- FASB Response to FAF PIR Report on FIN 48 (March 2012)
- FIN 48 PIR Press Release (January 2012)
- FIN 48 PIR Report (January 2012)