Financial Accounting Standards Board (“FASB”) post-implementation reviews are currently on hiatus, according to Financial Accounting Foundation (“FAF”) President and CEO Teresa Polley. During an October 6 meeting, Polley credited the pause on such reviews since none of the remaining accounting standards meet the criteria for a review.
Standards considered “significant” for a post-implementation review must either create a major financial reporting change or is a source of FAF stakeholder complaints. Additionally, a FASB standard must be adopted for at least two years to give companies appropriate time to implement them. Several long-awaited standards have been published this year, but do not become effective for a few years.