FAF Seeks Survey Participants for Post-Implementation Review of FASB Statement No. 141R
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. 141R, Business Combinations. 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. Stakeholders that have specific questions on the PIR of FASB Statement No. 141R, Business Combinations can contact the FAF at firstname.lastname@example.org.
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 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.
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.