Media Advisory 09/13/17
New FASB Webpage Dedicated to Implementing New Standards
Norwalk, CT, September 13, 2017—The Financial Accounting Standards Board (FASB) today launched a new webpage, Implementing New Standards (www.fasb.org/implementation) that addresses why and when the FASB positions organizations for a successful and smooth transition to new financial accounting and reporting standards.
The webpage focuses on how the FASB:
- Conducts outreach with stakeholders
- Establishes and operates transition resource groups, and
- Offers a technical inquiry service for implementation questions.
Concurrent with the webpage, the FASB also produced a short video that provides a brief overview of how the FASB conducts its implementation assistance efforts.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.