FASRI Roundtable: Post-Implementation Review
On January 24 and 25, the FASRI will host a Roundtable on the FAF’s Post-Implementation Review. In an effort to more effectively oversee the FASB and GASB activities and improve the standard-setting process, the Financial Accounting Foundation (FAF) announced about one year ago a new process to review promulgated standards by these Boards. Referred to as Post-Implementation Review (PIR), its purpose is to assess whether the standards have achieved their underlying financial reporting objectives.
The FAF’s inaugural review project examined FIN 48, Accounting for Uncertainty in Income Taxes, which was intended to increase relevance and comparability in reporting information about income tax uncertainties. The final report was released on January 12 and can be accessed via the FAF website. Academics can play an influential role in the PIR process. Not only can our research inform regulators about the effects of promulgated standards, but we can become directly involved in the PIR process by reviewing the relevant academic literature, influencing the creation of surveys, and participating in the surveys.
Our next Roundtable will feature the FAF’s PIR team, who will explain the process, and Jennifer Blouin from Wharton, who played an important role in the FIN 48 PIR. Jennifer will explain the academic’s role and the benefits she realized from being directly involved. Now that the review process on FIN 48 is complete, the FAF is planning on starting over again on two new standards. Come to the Roundtable to see how academics can influence the process. One session of this Roundtable will be held during the normal day and time of the week, Wednesday, January 25th at 4:00 pm (eastern time). However, to maximize participation, we will also have an identical session on Tuesday, January 24th at 4:00 pm (eastern time). Choose the date that is most convenient for your schedule.
To participate in the Roundtable, please follow these instructions.
1) Go to http://intercall.webex.com anytime after 3:00 pm (New York time) on January 24 or 25.
2) Type in the following meeting number that corresponds with the session that you are attending:
Tuesday: 596 479 166
and click “Join Now”.
3) On the next page, fill in your name, email address, and the password “Fasri001” (case sensitive – same password for both sessions). Then click “Join”.
4) After joining the meeting, you will be prompted for your telephone number. Insert your telephone number and click the “Call Me” button. Your phone will ring, which you can use to hear and speak. Please remember to put yourself on mute when you are not speaking (can be done by clicking the mic next to your name).
5) If you experience trouble with the call-back feature, you can dial in yourself using the following numbers: 866-478-6348 or 224-554-0243.