The Board of Trustees of the
Financial Accounting Foundation (FAF) has announced an enhancement that will facilitate stakeholders’ ability to raise potential concerns about compliance with the due process procedures of the
Financial Accounting Standards Board (FASB) and the
Governmental Accounting Standards Board (GASB). This is part of FAF’s continuing endeavor to improve its oversight activities and to further increase disclosure requirements for stakeholders. The enhancement gives stakeholders the ability to flag and report to the FAF’s Oversight Committee (Committee) supposed failures by either the FASB or the GASB to follow their due process procedures as defined in the FAF By-Laws.
When contacting the Committee, stakeholders will be required to provide reasonable specificity concerning an alleged failure by either FASB or GASB to follow due process on an authoritative standard-setting project. The correspondence should preferably reference the specific provisions of the By-Laws that allegedly have been violated. Should the allegations raise significant due process issues, the Committee will investigate further. If the Committee determines the FASB or the GASB did not appropriately follow their due process, the Trustees will determine necessary actions based on the circumstances. Correspondence may be anonymous, but Committee members will not be able to direct any follow-up questions to those who submit anonymously.
For more information on Stakeholder Feedback Procedures and Transparency for Standard-Setting Boards, and to access the new correspondence forms, stakeholders and the public may visit the FAF website.
Source:
Financial Accounting Foundation Trustees Enhance Stakeholder Feedback Procedures and Transparency for Standard-Setting Boards (accountingfoundation.org)
