In announcing the new PIRs on bus comb, segments and government deposits and investments, FAF Chairman John Brennan stated,
The FASB and GASB standards selected for post-implementation review represented significant and important accounting changes when issued and continue to provide important information today to investors, stakeholders, and other users. We look forward to assessing whether the intended financial reporting objectives underlying these standards are being met, while also obtaining stakeholder feedback on the application, usefulness, and effectiveness of these standards set by our Boards.
NOTE: This is the first time I have noticed IFRS 3 (bus comb) formally mentioned as being officially tapped by the IASB for one of the international standard-setters initial PIRs. IFRS 8 had previously been announced as being tapped for the IASB’s first post-implementation review project.
Posted: 2/17/2012 12:48:14 PM
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