Contributed by Dave Studebaker
After reviewing the Financial Accounting Foundation’s (the Foundation) Post-Implementation Review (PIR) Report on FASB Statement No. 157, the FASB board acknowledged that some aspects of Statement 157 are still challenging to some stakeholders and noted that they would research the related concerns.
In a letter, FASB Chairman Russell Golden noted that the “PIR team had two specific recommendations relating to efforts to summarize and document cost-benefit considerations and enhancements to user outreach and related documentation. We view both of these areas as critical to the strengthening of the credibility of our due process efforts, and we appreciate the recommendations.”
An indication as to the timing of this research was not given.