Current Post-Implementation Review Projects
Standards Currently Under ReviewBelow are FASB and GASB standards currently under review by the FAF’s Post-Implementation Review team:
FASB Statement 160, Noncontrolling Interests in Consolidated Financial Statements
Statement 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements.
Update and Next steps: The FAF PIR team completed their research in December and began analyzing their research results. In the first quarter of 2015, the team will draft their findings. The PIR team will then review their findings with the FASB and the FAF Trustee’s Standard-Setting Process Oversight Committee.
As mentioned at the August 19, 2014 FAF Board of Trustees meeting, going forward the FAF PIR team will review one FASB standard at a time (they had been reviewing two FASB standards concurrently).
STANDARDS TO BE REVIEWEDThe PIR team plans to begin their review of the following GASB standard in the first half of 2015:
- GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, and related GASB Statement No. 36, Recipient Reporting for Certain Shared Nonexchange Revenues.