Completed Post-Implementation Review Projects

Completed Reviews

Below are FASB and GASB standards that were successfully reviewed by the FAF’s Post-Implementation Review team:

GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries
Statement 42 establishes measurement guidance for capital asset impairments and requires governments to report the effects of those impairments when they occur, rather than as a part of the ongoing depreciation expense for the capital asset or upon disposal of the capital asset. It also provides uniform reporting guidance for insurance recoveries of state and local governments.
FASB Statement 123(R), Share-Based Payment
Statement 123R focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. It establishes standards for the accounting for transactions in which an organization exchanges its equity instruments for goods or services. It also addresses transactions in which an organization incurs liabilities in exchange for goods or services that are based on the fair value of the organization’s equity instruments or that may be settled by the issuance of those equity instruments.
FASB Statement No. 157, Fair Value Measurements
Statement 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.
FASB Statement No. 109, Accounting for Income Taxes
Statement 109 establishes financial accounting and reporting standards for the effects of income taxes that result from an organization’s activities during the current and preceding years.
GASB Statements No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, and No. 30, Risk Financing Omnibus, an amendment of GASB Statement No. 10
GASB Statements 10 and 30 establish accounting and financial reporting standards for risk financing and insurance-related activities of state and local governments, including public risk pools.
FASB Statement No. 141(R), Business Combinations
Statement 141R requires an acquiring organization to recognize the assets acquired, the liabilities assumed, and any non-controlling interest in the acquired organization to be measured at their acquisition date fair values.
GASB Statement No. 3, Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements and GASB Statement No. 40, Deposit and Investment Risk Disclosures.

Both Statements require disclosures about deposits and investments, including related credit and interest rate risks. GASB Statement 3 also provides accounting guidance for repurchase and reverse repurchase agreements.

FASB Statement 131 on Segment Reporting The FASB issued Statement 131 in 1997 to improve the way public companies report financial information about their business segments in annual and interim financial statements. It also establishes standards for related disclosures about products and services, geographic areas, and major customers.

 

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48)
The FASB issued FIN 48 in June 2006 to reduce diversity in practice in recognizing, measuring, and reporting uncertainties relating to income tax positions.