Current Post-Implementation Review Projects

Standards Currently Under Review

Below are FASB and GASB standards currently under review by the FAF’s Post-Implementation Review team:

GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations
Statement 49 establishes accounting and financial reporting standards for pollution remediation obligations (including contamination) which are obligations to address the current or potential detrimental effects of existing pollution by participating in pollution remediation activities.

Update and Next Steps: the FAF PIR team began their initial research in November 2015.

FASB Statement 128, Earnings per Share
Statement 128 establishes standards for computing and presenting earnings per share (EPS) and applies to entities with publicly held common stock or potential common stock. It simplifies the standards for computing earnings per share found in APB Opinion No. 15, Earnings per Share and makes them comparable to the provisions in International Accounting Standard 33, Earnings per Share.

Update and Next Steps: the FAF PIR team completed their research in September 2015 and is drafting their findings. The PIR team plans to review their findings with the FASB and the FAF Trustee’s Standard-Setting Process Oversight Committee in the first quarter of 2016.