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FASB Overseer Plans Formal Review for New Standards

Tammy Whitehouse | November 23, 2010

As the overseer of the Financial Accounting Standards Board, the Financial Accounting Foundation plans to begin taking a closer look at the accounting standards issued by the board.

FAF has developed a new process for performing post-implementation reviews of new accounting and reporting standards issued by the FASB as well as those issued by the Governmental Accounting Standards Board, which sets accounting standards for governmental bodies. FAF said the new process is designed to be independent of the standard-setting process itself.

“This does not mean that FAF has to approve a standard before it becomes effective,” said FAF spokesman Christine Klimek. “The FASB and GASB continue to set the standards.”

Instead, the FAF review staff will study significant accounting standards to assess...

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