NEWS RELEASE 05/18/12
FAF Seeks Survey Participants for Post-Implementation Review of FASB Statement No. 131Norwalk, CT, May 18, 2012—The Financial Accounting Foundation (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). The survey will help the FAF evaluate the effectiveness of the accounting standard by hearing from users, preparers, auditors, academics, and regulators that are affected by it.
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 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.
Statement 131 requires that public companies report financial and descriptive information about their reportable operating segments.
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.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.