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FASB’s New Post-Imp. Review: Bus Comb (141R), Segments (131), Gov’t Deposits and Investments (GASB 3)

Earlier this week, the Financial Accounting Foundation (which oversees the FASB and GASB) announced the next in a series of Post-Implementation Reviews (PIR) of FASB standards will focus on the standards originally issued as FAS 141R (Business Combinations), FAS 131 (Segments) and GASB Statement No. 3 (Government Deposits and Investments, including repos/reverse repos).

(NOTE: The aforementioned references and links are with respect to the standards as originally issued, in other words prior to FASB putting all of its standards into a single Codification and amending standards by directly amending the Codification. See Notice to Constituents-About the Codification. In related news, on Feb. 16, the FASB announced the release of an updated print version of the Codification, aka Accounting Standards Codification or ASC.)

This week’s announcement of FAF’s launch of the three new PIRs follows the January release of the FAF’s report on the inaugural PIR on FIN 48, Accounting for Uncertainty in Income Taxes.

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.

The two FASB PIR projects are being coordinated with the IASB’s PIR on their related standards, IFRS 3 (Business Combinations) and IFRS 8 (Operating Segments). (See IASB’s Technical Summary of IFRS 3, and Technical Summary of IFRS 8.)

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.

The IASB’s PIR initiative is discussed at the beginning of the Minutes of the Jan. 2012 meeting of the IFRS Foundation’s Due Process Oversight Committee (DPOC).

Posted: 2/17/2012 12:48:14 PM by Edith Orenstein | with 0 comments
Filed under: accounting standards, Bus Comb, Business Combinations, Due Process Oversight Committee, FEI Blog, FEI Financial Reporting Blog, FIN 48, GASB 3, IFRS 3, IFRS 8, IFRS Foundation, John Brennan, Operating Segments, Post-implementation review, reverse repos, uncertain income taxes, uncertainty in income taxes, 141R, ASC, Codification, deposits, DPOC, FAF, FASB, GASB, IASB, IFRS, investments, PIR, repos, Segments, 131

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